(qlmbusinessnews.com Thurs. 19th Sept, 2024) London, UK —
“Fed Reduces Interest Rates: What It Means for Borrowers and the US Economy”
The US Federal Reserve has implemented its first interest rate cut in over four years, reducing its key lending rate by 0.5 percentage points to a target range of 4.75%-5%. The move, larger than many analysts had anticipated just a week prior, aims to address growing concerns about rising unemployment and economic uncertainty.
The decision offers relief to American borrowers who have been grappling with the highest interest rates seen in over two decades. It also signals a potential shift in monetary policy, with officials indicating that further rate reductions could be on the horizon before the year’s end.
The Fed had previously raised interest rates sharply throughout 2022 in an effort to curb inflation, which had surged to its fastest rate since the 1980s. Now, with inflation appearing to ease towards the central bank’s 2% target, the Fed has deemed it the right time to adjust its approach.
Jerome Powell, Chairman of the Federal Reserve, hinted at the change last month, stating that a policy shift was necessary to support economic stability. The decision aligns with similar actions by other central banks in Europe, the UK, and Canada.
Although some experts had called for an even larger rate cut to prevent further economic slowdown, others urged caution, pointing out that the US economy has shown resilience despite recent challenges.
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