The Federal Reserve announces a 50 basis point rate cut
The U.S. Federal Reserve announced a 50 basis point cut to the federal funds rate target range, lowering it to 4.75% to 5.00%. This marks the first rate cut since March 2020. From March 2022 to July 2023, the Federal Reserve raised interest rates 11 consecutive times, with a total increase of 525 basis points.
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