For the veryfirst time consideringthat 2020, the Federal Reserve Wednesday cut interest rates as anticipated amidst falling inflation in the U.S. economy. Rates were cut by 50 basis points or a half percent. File Photo by Jemal Countess/UPI | License Photo
Sept. 18 (UPI) — For the veryfirst time giventhat 2020, the Federal Reserve on Wednesday cut interest rates as anticipated amidst falling inflation in the U.S. economy. Rates were cut by 50 basis points, or a half percent.
The Federal Reserve’s FOMC stated in a declaration, “In light of the development on inflation and the balance of threats, the Committee chose to lower the target variety for the federal funds rate by 1/2 portion point to 4-3/4 to 5%.”