Fed Cuts Rates by Half Percentage Point
Officials are hoping to prevent a gradual cooling in the labor market from turning into a deeper freeze
Fed Chair Jerome Powell
The Federal Reserve voted to lower interest rates by a half percentage point, opting for a bolder start in making its first reduction since 2020. The long-anticipated pivot followed an all-out fight against inflation the central bank launched two years ago.
Eleven of 12 Fed voters backed the cut, which will bring the benchmark federal-funds rate to a range between 4.75% and 5%. Quarterly projections released Wednesday showed a narrow majority of officials penciled in cuts that would lower rates by at least a quarter point each at meetings in November and December.
Wednesday, September 18, 2024
Has nothing to do with the election!
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