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Fed Cuts Interest Rate for 3rd Time in 6 Months
As expected, the Federal Reserve has lowered its benchmark interest rate by one-quarter point to a range of 1.5% to 1.75%.
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As expected, the Federal Reserve has lowered its benchmark interest rate by one-quarter point to a range of 1.5% to 1.75%.
Yesterday’s reduction was the third quarter-point downturn in four months. Last year the Fed raised rates four times in quarter-point increments. The central bank says it won’t make further cuts unless the U.S. economy falters or the job market weakens.
Analysts note that the Fed’s position has shifted since July from planning to cut rates unless conditions improve to planning not to cut rates unless conditions worsen. The distinction sets a higher hurdle for future reductions.
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