The Federal Reserve cut interest rates for the third time this year on Wednesday, by a quarter of a percentage point.
The Federal Open Market Committee moved ahead with a rate cut as expected. The latest decision means the target range for the federal-funds rate is now 4.25%–4.5%.
Wednesday’s 25-basis-point cut comes after Fed officials lowered rates at its two previous meetings, by a quarter-point in November and by a half percentage point in November. That means with this latest cut, the Fed has lowered rates by a full percentage point in 2024.
