Federal Reserve is set to cut interest rates for the first time in 4 years
- The Federal Reserve plans to cut its benchmark interest rate for the first time in over four years, aiming to reduce borrowing costs for consumers and businesses before the presidential election.
- A half-point rate cut will indicate the Fed's commitment to promoting economic growth while managing inflation, with more cuts expected through 2025.
- Anticipation of these rate cuts has already led to a decrease in many borrowing rates, as noted by Powell and other Fed officials.
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