Ticker: Fed signals rate cut ahead; Boar’s Head expands listeria recall
The Federal Reserve said Wednesday that greater progress has been made in reducing inflation to its 2% target, a sign that the central bank is moving closer toward cutting its key interest rate for the first time in four years.
In a statement issued after it concluded its two-day meeting, the Fed also said that “job gains have moderated” and acknowledged that the unemployment rate has risen. The Fed is required by Congress to pursue stable prices and maximum employment, and the statement said the central bank is “attentive to the risks” to both goals, a major shift after several years of focusing exclusively on combating inflation.
At a news conference, Fed Chair Jerome Powell said that if inflation continued to cool, “a rate cut could be on the table in the September meeting.”
“We’re getting closer to the point at which it’ll be appropriate to reduce our policy rate,” Powell said, “but we’re not quite at that point.”
Boar’s Head expands listeria recall
The popular deli meat company Boar’s Head is recalling an additional 7 million pounds of ready-to-eat products made at a Virginia plant as an investigation into a deadly outbreak of listeria food poisoning continues, U.S. Agriculture Department officials said.
The new recall includes 71 products made between May 10 and July 29 under the Boar’s Head and Old Country brand names. It follows an earlier recall of more than 200,000 pounds of sliced deli poultry and meat.
The expanded recall includes liverwurst, ham, beef salami, bologna and other products made at the firm’s Jarratt, Virginia, plant.
The recalls are tied to an ongoing outbreak of listeria poisoning that has killed two people and sickened nearly three dozen in 13 states, including Massachusetts, according to federal officials.