The Federal Reserve cut interest rates by 50 basis points, the first rate cut in four years
PANews, September 19 - The Federal Reserve has lowered the federal funds rate by 50 basis points to 4.75%-5.00%, the first rate cut since March 2020. The Federal Reserve has raised rates 11 consecutive times from March 2022 to July 2023, with a cumulative increase of 525 basis points. Over the past year, the Federal Reserve has maintained the federal funds rate target range between 5.25% and 5.5%, the highest level in 23 years. The dot plot shows that the Federal Reserve expects the federal funds rate to be 4.4% at the end of 2024, 5.1% in June; 3.4% at the end of 2025, 4.1% in June; 2.9% at the end of 2026, 3.1% in June; 2.9% at the end of 2027; and the long-term federal funds rate to be 2.9%, 2.8% in June.
