$1000SATS

The Federal Open Market Committee decided to cut its key overnight lending rate by half a percentage point, or 50 basis points, amid signs of slowing inflation and a weak labor market.

It was the first rate cut since the early days of the Covid pandemic.

The Fed statement said: “The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and it judges that risks to achieving its employment and inflation goals are roughly balanced.”