Fed lowers interest rates by half a point

WASHINGTON – The Federal Reserve today announced plans to lower the target range for the federal funds rate by one-half percentage point to 4.75 to 5 percent, marking its first rate cut since COVID.

“In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks,” said the Federal Reserve in a press release.