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US Fed makes larger half-point cut in first rate reduction since 2020 

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September 18, 2024

US Fed makes larger half-point cut in first rate reduction since 2020

by AFP
TimesOfIsrael.com



The seal of the Board of Governors of the Federal Reserve System is seen ahead of a press conference by US Federal Reserve Chairman Jerome Powell after a Federal Open Market Committee meeting at the Federal Reserve in Washington, DC, on September 18, 2024.

The US Federal Reserve cut its key lending rate by half a percentage-point in its first reduction since the pandemic, sharply lowering borrowing costs shortly before November’s presidential election.

Policymakers voted 11-to-1 in favor of lowering the US central bank’s benchmark lending rate to between 4.75% and 5.00%, the Fed announced in a statement. They also penciled in an additional half-point of cuts before the end of the year.

http://www.timesofisrael.com/liveblog_entry/us-fed-makes-larger-half-point-cut-in-first-rate-reduction-since-2020/


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