On today's Newsroom: with over 4,000 autopen documents from President Biden's desk, a new ruling that all pardons made by autopen were illegal, how many of the actions of the last administration could be void? Also: the Federal Reserve cuts interests rates for the second time under the Trump administration, saying any damage done by the shutdown will reverse when the government turns the lights back on.
Welcome to NTD Newsroom. I'm Don Ma.
President Trump says the US has reached
a trade deal with South Korea. He also
discussed fentanyl tariff reductions for
China, the stability of the Gaza
ceasefire, and a third presidential
term. The government shutdown becoming
more painful for regular Americans. What
are the latest messages from Republican
and Democratic leaders?
House Republicans released a report
claiming the Biden administration's use
of an autopen proves Joe Biden wasn't
actually making decisions while
president. We discussed this with a
legal expert.
Power demand is up and rising. With it
is nuclear generation in the US.
Analysts are projecting it will increase
by nearly 30% in the coming decades.
President Trump plans to raise the issue
of imprisoned Hong Kong pro-democracy
activist Jimmy Lie in his upcoming
meeting with Chinese regime leader Xi
Jinping. We discussed the significance
of this with the friend of Jimmy Lie.
An update on the $100 million Lou Jewel
heist. Two suspects in the heist have
confessed, but the jewels are still
missing.
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This is NTV Newsroom live from our
global headquarters in New York City.
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House Republicans released a report
claiming the Biden administration's use
of an autopen shows Joe Biden wasn't
actually making decisions while
president. Joining us to discuss is
Bobby Anne Cox, civil rights attorney,
fellow at the Brownstone Institute and
legal analyst. So Bobby Anne, always
great to see you. Good afternoon. Um,
you know, there is president of using
the autopin by past presidents. Uh, so
in this case, Republicans alleged former
President Biden's mental decline was
covered up. Uh, so some some of his
executive actions should be canceled
out. So my question to you is does a
president's cognitive abilities factor
into the legality of authorizing the
autopin?
>> Well, sure. Yes, it does. I mean, if if
you have somebody that's um waning in
their mental capacity and they're not
really aware of what they're doing uh
and they're signing legal documents uh
with the power and the force of the
presidency of the United States, then
obviously yes, their their mental
capacity does come into question. Uh
their mental capacity is an issue. And
um that's exactly what this
investigation by this House committee
was doing. you know, they were looking
into um in particular President Biden's
mental capacity and his use of the auto
pen uh which is basically a machine that
signs uh someone's signature and uh
whether or not he knew what was being
signed by autopen uh whether or not he
authorized what was being signed by auto
pen. Um and this investigation was very
detailed uh that the House Oversight
Committee performed. Uh they just issued
their report yesterday
uh excuse me. And basically it says that
this was a a huge problem and they had
uh multiple witnesses uh testified. I
believe they had uh depositions uh 47
hours worth of depositions that they
went through uh in this investigation.
So it was very detailed. Um, but you
know, they were interviewing people that
were close to Biden uh during his
presidency who were working with him and
for him in the White House. Uh, and a
lot of that testimony is is showing
that, you know, there were instances
where people did not even speak to
President Biden before having uh the
authority to use the autopen. Um, and
these were things that were, you know,
second and thirdand conversations and
without the the person actually uh
talking to Biden to confirm that he was
authorizing certain signatures by
autopen. Uh, so yes, this this is a this
is a big problem and um this certainly
can lead to some legal challenges and
ramifications hereafter.
So those things detailed in the report
does that constitute as evidence? Um can
I ask you what kind of proof would be
needed to show that an executive order
was not personally approved by the
president?
>> Right. So you know you do need to have
some sort of evidence. uh you know if
you don't have any sort of a paper trail
at all uh showing that the president
authorized something to be signed and
have his name affixed to a legal
document. You don't have any emails uh
you know showing his authorization. You
don't have any uh recorded uh phone
conversations. Uh you don't have any
text messages uh showing that he
authorized this or even that it was
discussed uh and he gave the approval.
uh you know, if you don't have any
evidence to back up any of these things
uh that were signed by autopen that
really opens the door to the question of
well, if he didn't authorize it, we
can't prove that he authorized it, who
did authorize it? Um and these
testimonies that were given during this
uh this oversight uh hearing committee
investigation certainly could be used as
evidence. I mean, you know, when when
you give a deposition, uh you do have
to, you know, swear an oath that you
will tell the truth and the whole truth.
And so, uh that can become evidence uh
if this is going to turn into either an
investigation by the Department of
Justice or if legal action is going to
be taken uh at some point down the road.
Yes, for certain they can use some of
this testimony that was given during
this investigation because as I said,
those people were testifying under oath.
Uh so use it uh as evidence to to find
out, you know, what is the truth? What
was going on? Uh what did Biden know and
not know? uh a and see if there was
something that was illegal going on
because you you cannot affix the
signature of the president to a legal
document uh without having specific
authorization from the president. That
would be an illegal uh illegal move and
and unconstitutional. Our constitution
is clear. Certain actions are taken by
the president uh not to be delegated to
other people or other branches of the
government. Uh so it is a serious
question. Absolutely.
>> So what would be the legal consequences
if it is uh in fact found that these
executive actions were unauthorized?
>> Right? So, you know, this means that if
President Biden did not authorize the
use of his signature by autopen on
certain documents, whatever those
documents are, whatever they say, uh
would not actually have legal value. Uh
so you know for example uh it has been
shown that Biden used the auto pen or
someone perhaps used the auto pen to
sign his name to things like pardons
uh and things like laws bills that then
became law once he signed his name or
the auto pen signed his name. Um and
also just regular executive actions. I
mean, if you think about it, there are a
lot of things that the president does
and has the power to do. Um, for
example, appointing federal judges. Uh,
only the president can appoint federal
judges and those are lifelong
appointments. Uh, and that's at all the
levels of federal court, right? So,
you've got the trial court level, you've
got the appellet court level, and then
you've got the Supreme Court level. um
those are positions that are appointed
by Biden in this instance by the
president of the United States. So if
the the auto pen uh was deemed to be
authorized by someone other than him
then all of these things that he uh that
were signed by autopen that he did not
authorize would not have legal validity.
Uh which means the pardons would not be
valid. uh the laws he signed or were
signed by auto pen without his
authorization would not be valid and any
of the other executive functions like I
said uh appointing federal judges is
another big issue. So yes those things
if they weren't actually authorized by
the president um would not have any
legal effect.
>> So I asked you earlier that past
presidents have used the autopin um so
I'm not a legal expert here. Can you
just clarify for us uh does a document
signed by Otten carry the same authority
as one physically signed by the
president?
>> That is a great question. Um it actually
has not been litigated thus far in our
nation's history. There there is not uh
any sort of a Supreme Court decision
specifically about auto pens and the
validity of auto pens. Um, you know, the
the autopen was first used back in 2011
by uh President Obama who was abroad at
the time of the the passing of a bill uh
by Congress and he wanted to sign the
bill uh but he was uh in Europe at the
time and couldn't sign the bill until he
came back to the United States. So that
was the first time that he that a
president authorized the use of the
autopen machine to sign their name uh to
a legal document. So that was back in
2011. Here we are in 2025. So it hasn't
been that long that uh presidents have
used auto pens. But um since we don't
have a Supreme Court decision saying
whether or not uh the use of the auto
pen is legal and does have a binding
effect like a regular wet signature by
the president himself. Um that is still
something that is being debated. I mean
you have people on both sides arguing
you know some are arguing that
absolutely it is a legal way to sign a
document uh by using the auto pen and
then you have others that say no there
you know there's nothing in the
constitution that says that uh the
president can delegate the authority for
his signature on a legal document um and
that delegation is either to another
human being or to a machine to sign his
name. So we have both sides arguing um
opposite sides of that that question. Is
it legal? We don't know. Um but that's
something that perhaps we would see
Scotas make a decision on you know if
there if there is a legal challenge um
and it is accepted by the courts.
>> All right. So Bobby just finally
generally speaking uh under what
circumstances is using using an autopen
legally permitted and when is it not?
Well, with the case of the president,
you know, what we're seeing in this
specific investigation,
uh, you know, some some in the media and
some critics uh, of this investigation
into Biden's use of the autopen are
saying, well, you know, a lot of other
presidents used it. You know, Obama used
it, Trump has used it, uh, Biden used
it. Uh, true. Yes. Now, uh, President
Trump has stated that he too has used
the auto pen, uh, but not for legal
documents like signing laws or issuing a
pardon. Um, more for things like, you
know, signing a letter or or or an
invitation to something. Um, and you
know, we the the question and the main
focus uh of what this House Oversight
Committee uh just investigated with
regards to President Biden. Um, you
know, they were really focusing on the
end of his presidency uh the last three
months or so. And um the fact is is that
if you look at the number of pardons uh
that Biden issued in his presidency,
which was, you know, only four years
long, um he issued over 4,000 pardons uh
many of which apparently were signed by
autopen. And when you compare that to
other presidents before him, uh you
know, thus far, President Trump has
issued in his first term and then now in
2025 approximately 1,700
uh pardons. Uh Barack Obama issued
something like 1,900 pardons and he was
president for eight years. Um so I think
uh George W. Bush uh Bush 2, I think he
only issued a couple hundred pardons uh
during his presidency. So we see with
Biden issuing over 4,200
pardons uh in just four years u many of
which were issued you know in the last
three months of his presidency. You
know, this is why they've been
investigating this in particular with
the autopen because uh the question has
to be asked, you know, how can this
president have issued uh you know, two
and three and sometimes four times as
many uh pardons as his predecessors. Uh
so this is really what raised the red
flag I believe and why the House
Oversight Committee paid so much
attention or is paying so much attention
to uh the autopen use on signing
pardons. Uh so yeah, this this is a
really it's it's a big problem uh
because according to the testimony and
the report that was issued yesterday by
the House committee uh there is not uh
much if any at all evidence showing that
Biden authorized the use of the auto pen
with a lot of these signatures. Uh so
yes, this this is a serious issue and um
we're going to have to see how this
plays out now that the Department of
Justice has said that they're going to
investigate it themselves.
>> Yeah, we'll follow this closely, but
imagine signing over 4,000 documents. Um
that's that's a lot of signatures. Well,
Bobby, I thank you for uh coming on to
talk to us about this today.
>> Yes, thank you for having me. Have a
great day.
>> You as well.
Next, President Trump will meet with
Chinese regime leader Xi Jinping. He
says he plans to raise the issues of
Taiwan and Jimmy Lie, uh, imprison Hong
Kong pro-democracy activist, among other
things. Joining us to discuss is Declan
Gangley, entrepreneur and businessman
and friend of Jimmy Lie. So, Declan,
good afternoon to you. Thank you for
coming on the show. Now, as you know, a
bipartisan group of 38 US senators sent
a letter urging Trump to secure the
release of Jimmy Lie. So I I mean what
is the CCP afraid of that it imprisoned
Jimmy Lie and many others like him?
>> Well, Jimmy uh is a champion of
democracy in Hong Kong. Um he has become
a symbol of uh freedom uh and of u
resistance if you will to uh the the
strong the iron fist of the communist
party of China. Uh that said he has been
in jail and in solitary confinement for
an extremely long period of time. And I
think really what the Chinese Communist
Party leadership needs to decide is if
they want to make Jimmy Lie a martyr
forever. Because something to remember
about Jimmy is Jimmy is a Christian, a
devout Christian. And in the concept of
Christian martyrdom begins not at during
life, but at death. You're a hero while
you're alive. You become a martyr from
the moment that you die. And if Jimmy if
they allow Jimmy and they make Jimmy die
in prison, they will have created a
martyr whose name will live on for a
thousand years. And his example and his
his as a heroic uh Christian uh example
of of of Christian integrity and
fortitude. And so my hope is that what
we are going to see is that the
Communist Party of China and um and uh
Xi Jinping sees sense and sees that the
sensible thing to do is to release Jimmy
Lie, allow him to go back to his family,
allow him to leave Hong Kong if that's
what he wants to do, and to enjoy during
his, you know, whatever time he has left
here on on earth to be able to spend
that time with his family and with those
that he loves. Really, they have the
power. They have shown that they have
the power. And uh President Trump is
perhaps the only person in the world
aside from Chairman Xi who has the power
and the ability to uh get Jimmy Lie out
of prison and bring him back to his
family. And I hope and pray that that is
what happens.
So on that note, uh from your
perspective, why is it important for
President Trump to raise human rights
issues uh related to trade talks with
China?
>> Well, because ultimately and and
President Trump knows this very well, um
of course he doesn't need any lessons
from any of us that the Communist Party
of China had is is an oppressor of
personal freedom. Um, the Communist
Party of China wants to be able to trade
with the free world, with democracies,
uh, with no price tag attached to that,
with no conditions attached to that. And
of course,
democracies throughout the world, there
are conditions to be able to engage with
trade, with free trade, and and and we
passionately believe in free trade. uh
that western democracies do believe in
free trade but it's not at any price and
under any circumstances
and that's something that President
Trump has made clear both with his
tariff policy with respect to China and
I expect uh and I don't know this but I
expect that a gesture like the release
of of Jimmy Lie can only help contribute
to a more favorable and conducive
environment to being able to engage in
the types of business and trade that
that a place like China wants to do. I
don't know that. But it certainly can't
hurt. It can only help.
>> You think the CCP is capable of
fundamentally changing its behavior?
>> Personally, no. Um, but you know, I I
I'm I'm not a uh I'm a businessman. I'm
an entrepreneur. I have purposefully
never done business in China and that
option was open to me for the last few
decades and I've never done it because I
had uh dealings many many years ago up
until the year uh 1997 and in fact 2000
in the former Soviet Union and I saw
firsthand what the consequences are of
communist party dictatorship in
leadership and I have a very um I have a
very firm view of what to expect from
Communist Party Cadras. I'm always
willing to be proven wrong and be
confounded and releasing Jimmy Lie would
uh would would be one of those things
that would somewhat confound me. But it
hasn't happened yet. And if Communist
Party of China wants the world to take a
different view or look at it in a
different way, then it certainly needs
to change the way that it's doing
things, including locking up political
prisoners like Jimmy Lie.
>> So Declan, as we mentioned earlier, you
are friends with Jimmy Lie. Uh so I want
to ask you this. What did he mean when
he said previously that he was ready to
go to prison for his beliefs? Uh what
are those beliefs? and um tell us what
kind of person he is
>> to understand Jimmy lie and and me look
many of your view viewers may not
understand this and I get that but to
understand Jimmy lie that there's been a
very good book written about him by the
way but but you have to understand
Catholicism so so and and the concept of
Catholic martyrdom and the path to
saintthood because Jimmy has in the
Christian Catholic concept
He has taken up his cross and he is he
is making a sacrifice and taking on a a
massive burden for
in the interest of setting an example of
Christian virtue, Christian heroic
virtue. And the examples that Jimmy will
be drawing upon will be saints like St.
Thomas Moore who stood up to then King
Henry VIII in uh in England many
centuries ago and defied the king and
was executed for it. He went to the
Tower of London and he was beheaded for
standing up for what he saw as being the
truth and something that was worth going
to the scaffold for or dying for. So
this example of self-sacrifice of in the
Christian concept of taking up your
cross and be and willingly enter into
suffering in order to create an example
of virtue of heroic virtue. That is what
Jimmy is doing. And the examples that he
looks to are the the the saints of of
the Christian church of the Catholic
Church who for centuries have made these
kind of sacrifices in order to become
and give examples of human virtue and
freedom.
>> This um if Jimmy Eli becomes a martyr,
of course none of us are hoping for
that. We're all hoping that he gets
released from prison, but if it does
happen, um, how how much do you think
that's going to influence people to
mobilize, you know, to, you know, to
come together? Because recently we've
seen the passing of Charlie Kirk in the
United States. It has led to his
movement becoming much bigger than when
he was alive. But do you see that
happening within the context of the CCP
and Hong Kong?
>> I do. And uh Jimmy,
if they if if they turn him into a
martyr, he will be much bigger as a
martr and even bigger as a martr than he
is today. And it will not be something
that will last for a year or two years
or five years. It will last for
centuries.
He will build what is called in the
Christian concept a cultus and that is a
following of people who will look to him
and the example that he set of heroic
Christian virtue and he will be somebody
that will be remembered. I just
referenced to you St. Thomas Moore.
Thomas Moore was the chancellor of
England. He was the equivalent of what
we today would call the prime minister.
He was the first minister of the king
and yet for Christian reasons he defied
the king and we are still talking about
him today. And he went to the Tower of
London and to his execution
before or during the Reformation in
England which is centuries and centuries
ago. They're still talking about him
today. Declan, is it possible for
Washington to pursue economic interests
with Beijing while still holding China
accountable for its human rights
violations?
>> Look, this is above my pay grade. It's a
very, very fine line to walk. Um, there
are ex there's an extremely talented
team of people in Washington DC and on
the China desk, if I can call it that,
that are working this issue. And if I
trust any administration,
any government to be able to to find
that that fine line to thread that
needle, I trust the Trump administration
to do it.
>> Okay. Just finally, Declan, and I
understand you've been outspoken on the
Chinese regime for decades now. Um, can
you just point out to one thing? Uh,
what would you like to see come out of
Trump's meeting with Xiinping tonight?
I I what I would hope for is not
something that's going to be happening.
I as a young man I was I had visited the
Soviet Union. I saw the Berlin wall come
down. I saw the Soviet Union and the
Communist Party of the Soviet Union
retire. I would like to see a free democ
and democratic China. And I still
believe and I dream and I pray that
during the course of my lifetime that
that is something that we will see that
a free China that the the Communist
Party of China dis dissolves itself that
it creates a a a real vibrant democracy.
We know that it works in Chinese culture
because we can see it in Taiwan. And
China, if it did that, would become the
workshop of the world, the power
economic powerhouse of the world. I do
not wish China ill. I wish it enormous
success. It is certainly a contender for
true global leadership over the course
of the next century. But with this
millstone of the communist party system
around its neck, it is always it is
never going to reach its full potential.
And I hope that eventually we will see
the Chinese people and even maybe
Chinese leadership decide to walk away
from this structure and embrace a whole
new approach for a new and free China.
Well, Declan, I have to say this was a
very engaging conversation. Thank you
very much for talking to us.
>> Thank you.
>> Ron DeSantis has directed Florida's
board of governors to crack down on H-1B
visa abuse in higher education. The
Florida governor also announced a
partnership with the federal government
to cancel or repurpose millions of
dollars in DEI related grants. D Santis
said in a statement, quote,
"Universities across the country are
importing foreign workers on H-1B visas
instead of hiring Americans who are
qualified and available to do the job."
The new directive requires taxpayer
funded institutions in Florida to
prioritize American graduates.
Proponents of H1B visas argue that
they're necessary to hire individuals
for specialty occupations. Opponents say
the visas give foreign workers an
advantage over Americans. Last month,
President Donald Trump announced a
$100,000 fee for employees petitioning
for new H-1B visas.
The Federal Reserve cut interest rates
by a quarter point today following this
week's policy meeting. The reduction
marks the central bank's lowest rate in
three years. The decision would bring
the benchmark federal funds rate to a
new target range of 3.75 to 4%. Earlier
this month, Fed Chair Jerome Powell
signaled more easing in response to a
weakening labor market and the economic
risks of waiting.
Last week, the Bureau of Labor
Statistics reported that annual
inflation for consumer prices had inched
up to 3% in September. The Fed's current
inflation target is 2%.
The government shutdown is growing more
painful for regular Americans.
Republicans and Democratic leaders are
speaking as the situation intensifies.
>> You will note that uh more air traffic
controllers and TSA agents and park
rangers are about to go without a
paycheck. You've got families and
children that rely upon SNAP benefits
that are going to go hungry uh here at
the end of the week. You've got more
critical workers, by the way, including
the people who are the stewards of our
nuclear defense arsenal who are forced
to stay at home as the government
remains closed. This Friday, as window
shopping begin, as window shopping
occurs, window shopping starts today,
tens of millions of American families
are going to gather around the kitchen
table and say, "What are we going to do?
We can't afford an extra 10 or $20,000 a
year, but we can't go without health
care. What if our kid or our partner
gets sick and there's no doctor? Or what
if we just have we have to cut back so
badly on our health care that we have to
go to a doctor a 100 miles away or a
hospital 200 miles away? What are we
going to do?
The Republican leadership thanked
essential workers who are still on the
job without pay. They pointed out that
the largest union of federal workers as
well as the National Association of Air
Traffic Controllers have come out this
week urging Democrats to pass their
short-term funding bill. Meanwhile,
Democratic leadership accused
Republicans of refusing affordable
health care for Americans. They said
Republicans, including President Trump,
should come to the negotiating table on
healthcare.
Federal Reserve Chair Jerome Powell is
holding a news conference right now
after announcing the Fed's policy
decision. Let's take a look.
>> Although some important federal
government data have been delayed due to
the shutdown, the public and private
sector data that have remained available
suggest that the outlook for employment
and inflation has not changed much since
our meeting in September.
Conditions in the labor market appear to
be gradually cooling and inflation
remains somewhat elevated.
In support of our goals and in light of
the balance of risks to employment and
inflation, today the Federal Open Market
Committee decided to lower our policy
interest rate by a quarter percentage
point.
We also decided to conclude the
reduction of our aggregate securities
holdings as of December 1. I will have
more to say about monetary policy after
briefly reviewing economic developments.
Available indicators suggest that
economic activity has been expanding at
a moderate pace. GDP rose at a 1.6% pace
in the first half of the year, down from
2.4% last year. Data available prior to
the shutdown show that growth in
economic activity may be on a somewhat
firmer trajectory than expected,
primarily reflecting stronger consumer
spending.
Business investment in equipment and
intangibles has continued to expand
while activity in the housing sector
remains weak.
The shutdown of the federal government
will weigh on economic activity while it
persists, but these effects should
reverse after the shutdown ends.
In the labor market, the unemployment
rate remained relatively low through
August.
Job gains have slowed significantly
since earlier in the year. A good part
of the slowing likely reflects a decline
in the growth of the labor force due to
lower immigration and labor force
participation. Though labor demand has
clearly softened as well. Although
official employment data for September
are delayed, available evidence suggests
that both layoffs and hiring remain low
and that both households perceptions of
job availability and firms perceptions
of hiring difficulty continue to
decline.
In this less dynamic and somewhat softer
labor market, the downside risks to
employment appear to have risen in
recent months.
Inflation has eased significantly from
its highs in mid 2022, but remain
somewhat elevated relative to our 2%
longerrun goal.
Estimates based on the consumer price
index suggest that total PCE prices rose
2.8% 8% over the 12 months ending in
September and that excluding the
volatile food and energy categories,
core PCE prices rose 2.8% as well. These
readings are higher than earlier in the
year as inflation for goods has picked
up. In contrast, disinflation appears to
be continuing for services. Near-term
measures of inflation expectations have
moved up on balance over the course of
this year on news about tariffs as
reflected in both market and survey
based measures. Beyond the next year or
two or so, however, most measures of
longerterm expectations remain
consistent with our 2% inflation goal.
Our monetary policy actions are guided
by our dual mandate to promote maximum
employment and stable prices for the
American people. At today's meeting, the
committee decided to lower the target
range for the federal funds rate by a
quarter percentage point to to 3 and 3/4
to 4%.
Higher tariffs are pushing up prices in
some categories of goods, resulting in
higher overall inflation.
A reasonable base case is that the
effects on inflation will be relatively
short-lived, a one-time shift in the
price level. But it is also possible
that the inflationary effects could
instead be more persistent, and that is
a risk to be assessed and managed. Our
obligation is to ensure that a one-time
increase in the price level does not
become an ongoing inflation problem.
In the near term, risks to inflation are
tilted to the upside and risks to
employment to the downside. A
challenging situation. There is no
risk-free path for policy as we navigate
this tension between our employment and
inflation goals. Our framework calls for
us to take a balanced approach in
promoting both sides of our dual
mandate.
With downside risks to employment having
increased in recent months, the balance
of risks has shifted. Accordingly, we
judged it appropriate at this meeting to
take another step toward a more neutral
policy stance.
With today's decision, we remain well
positioned to respond in a timely way to
potential economic developments.
We will continue to determine the
appropriate stance of monetary policy
based on the incoming data, the evolving
outlook, and the balance of risks. We
continue to face two-sided risks.
In the committee's discussions at this
meeting, there were strongly differing
views about how to proceed in December.
A further reduction in the policy rate
at the December meeting is not a
foregone conclusion. Far from it. Policy
is not on a preset course.
At today's meeting, the committee also
decided to conclude the reduction of our
aggregate securities holdings as of
December 1. Our long-stated plan has
been to stop balance sheet runoff when
reserves are somewhat above the level we
judge consistent with ample reserve
conditions.
Signs have clearly emerged that we have
reached that standard.
In money markets, repo rates have moved
up relative to our administered rates,
and we have seen more notable pressures
on selected dates along with more use of
our standing repo facility.
In addition, the effective federal funds
rate has begun to move up relative to
the rate of interest on reserve
balances. These developments are what we
expected to see as the size of our
balance sheet declined and warrant
today's decision to cease.
>> And that was Federal Reserve Chair
Jerome Powell announcing that the Fed
has lowered its benchmark interest rate
by a quarter point now to the range of
3.75 to 4% and saying the effects of the
government shutdown on the economy will
reverse once the shutdown is over.