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.

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