Federal Reserve Cuts Interest Rates Again Amid Economic Hurdles
Thursday, 7 November 2024, 19:46
Interest Rates and the Federal Reserve's Recent Decision
The Federal Reserve on Thursday announced its second interest rate cut of 2024, trimming the benchmark rate by 0.25 percentage points amid cooling inflation. The expected move by the U.S. central bank provides additional relief to millions of Americans grappling with high borrowing costs.
The Implications of the Rate Cut
This cut, half the size of its September reduction, lowers the federal funds rate—the interest rate banks charge each other for short-term loans—to a range of 4.5% to 4.75% from its current levels of 4.75% to 5%.
- First major interest rate decision following the Nov. 5 election.
- Voters express dissatisfaction due to ongoing inflation issues.
- Economic trajectory remains a concern for many citizens.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.