Fed slashes rates by 50 bps for first time since 2020
U.S. Federal Reserve Chairman Jerome Powell at a press conference in Washington, D.C., U.S., September 18, 2024. /CFP
The U.S. Federal Reserve cut interest rates by half of a percentage point on Wednesday, amid cooling inflation and in an effort to head off a weakening labor market.
It is the first cut to the federal funds rate since March 2020, bringing its target range to 4.75 percent to fi