Fed Rate Cuts: Better Late than Never

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Fed Rate Cuts: Better Late than Never

Federal Reserve Chair Jerome Powell at a press conference. 2024. The Federal Reserve’s Federal Open Market Committee (FOMC) announced a 50 basis point cut in its federal funds rate target on Wednesday. The move marks a reversal at the Fed, which had held its target rate range at 5.25 to 5.5 percent since July 2023. FOMC members previously worried high inflation might become entrenched. They now believe inflation is on a path back to 2 percent, …