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The Federal Reserve has cut its benchmark interest rate by 0.50 percentage points. As of today, September 18, 2024. This decision marks the first rate reduction in four years and lowers the federal funds rate to a range of 4.75% to 5%. Easing borrowing costs is the goal. Inflation concerns have diminished and worries about the labor market have increased. They expect this to be the first in a series of reductions, with further cuts anticipated later this year.
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