Fed cuts interest rates by quarter-point

Published On Nov 7, 2024, 2:01 PM

The Federal Reserve has announced a 25-basis-point cut to its benchmark interest rate, bringing it down to a range of 4.5% to 4.75%. This decision marks the second consecutive rate cut, following a more substantial 50-basis-point cut in September. The Fed's policy committee noted signs of easing in the labor market and progress toward their inflation targets, although inflation remains elevated. All members of the committee voted in favor of the rate cut.