The Federal Reserve cut interest rates for the third time this year on Wednesday, by a quarter of a percentage point.
The Federal Open Market Committee went ahead with a rate cut as expected. The latest decision means the target range for the federal funds rate is now 4.25%-4.5%.
Wednesday’s 25 basis point cut comes after Fed officials cut rates at the two previous meetings, by a quarter point in November and by half a percentage point in November. That means that with this latest cut, the Fed has lowered interest rates by a full percentage point in 2024.
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