The Fed Cuts Interest Rate
Source: PHOTO: Ingram Publishing/Thinkstock
WASHINGTON, D.C. — The Federal Reserve is cutting interest rates for the first time in more than four years.
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The Central Bank cut rates by half-a-point. The decision lowers the federal funds rate to a range between 4.75% to 5%. Interest rates had remained at their highest level in over two decades since July of last year.
The Fed had maintained a goal of lowering inflation to 2%.
August saw the 12-month inflation rate fall to 2.5%. That is its lowest level since February 2021.
