US Fed slashes interest rates by 50 bps for the first time since 2020
Policymakers voted 11-to-1 in favor of lowering the US central bank's benchmark lending rate to between 4.75 percent and 5.00 percent, the Fed announced in a statement.
They also penciled in an additional half-point of cuts before the end of this year, and an added percentage point of cuts in 2025.
The Fed's decision will affect the rates at which commercial banks lend to consumers and businesses, bringing down the cost of borrowing on everything from mortgages to credit cards less than two months before the US presidential election.
The Fed said its rate-setting committee «has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance.»
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