Source: The Hill
“The Federal Reserve cut interest rates by 50 basis points Wednesday, the central bank’s first rate reduction following a two-and-a-half year crusade against inflation that raged in the wake of the pandemic. The new federal funds rate is 4.75 percent to 5 percent, a jumbo rate cut that signals the Fed’s confidence that its war against inflation is coming to an end. … How far and how fast the Fed cuts rates moving forward remains to be seen. While Fed Chair Jerome Powell told lawmakers earlier this year that the era of near-zero interest rates is likely over, the central bank projected in June that the median interest rate to drop to 4.1 percent in 2025 and 3.1 percent in 2026. The Fed further lowered its median rate forecast Wednesday to 3.4 percent next year and 2.9 percent in 2026, and in the long run, according to new economic projections.” (09/18/24)
https://thehill.com/business/4886438-federal-reserve-interest-rate-cut