Federal Reserve lowers interest rates by 0.25 percentage points in second cut of 2024
CBSN
The Federal Reserve on Thursday announced its second interest rate cut of 2024, trimming its 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 Fed 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 4.75% to 5% level.
The announcement marks the Fed's first interest rate decision since President-elect Donald Trump secured another term in the White House following the Nov. 5 election. In exit polls on Tuesday, many voters reported that they're still hurting from the sharpest inflation in 40 years and expressed dissatisfaction with the nation's economic trajectory.
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