After over two years of high interest rates in a battle to tame inflation in wake of the COVID-19 pandemic, the Federal Reserve cut its benchmark interest rate by a half-point, which is poised to impact Americans in several ways. The unusually large rate cut marks the Fed’s first in over four years, reflecting a new focus on bolstering a slowing job market. From student loans and credit card debt to mortgages and car loans, here’s what Wednesday’s move may mean for you: How much did the Fed lower the interest rate? The central bank’s action lowered its key rate to roughly 4.8%, down from a two-decade high of 5.3%, where it had stood for 14 months as it struggled to curb the
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