Fed Cuts Interest Rates by Half Point in First Easing Move in Four Years

September 19, 2024
On Wednesday, the Federal Reserve cut interest rates by half a percentage point—the first reduction since the early days of the Covid pandemic. The move aims to counter a slowdown in the labor market as both inflation and job growth soften. The Federal Open Market Committee lowered its key overnight borrowing rate by 50 basis points, bringing it to a range of 4.75%-5%. This cut, the largest since the 2008 financial crisis, will impact borrowing costs for consumer products like mortgages, auto loans, and credit cards.
 
*Article courtesy of CNBC

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