The Federal Reserve has lowered interest rates for the first time since 2020, setting the stage for reduced borrowing costs across the board.
Here are a few items to note per CNN –
- The Fed has waited four years to cut rates.
- This marks a crucial milestone for the central bank’s historic inflation fight, which kept rates at a bruising 23-year high for more than a year.
- In a significant shift for the US economy, this is first the jumbo-sized rate cut since Covid.
- It’s a major economic milestone both for the central bank’s long fight with inflation and for Americans battling a higher cost of living for the past two years.
- Wall Street had been divided on whether the Fed would introduce a typical quarter-point cut or a more urgent, half-point cut.
- Even more cuts could happen before the end of the year.
- Stocks climbed Wednesday midday as investors cheered the Federal Reserve’s decision to cut interest rates by a half point.
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