The Federal Reserve building in Washington. Photo via Wikimedia Commons The Federal Reserve cut interest rates Wednesday by half a percentage point, or 50 basis points, marking its first reduction since 2020 after a prolonged fight against inflation. The decision, supported by 11 out of 12 Fed voters, brings the federal funds rate to a range from 4.75% to 5%. In his speech announcing the rate cut, Federal Reserve Chair Jerome Powell expressed confidence in maintaining economic strength while also acknowledging that unemployment has risen to 4.2%. The cut aims to benefit consumers and businesses, especially those with variable-rate debts. “My initial reaction was surprise,”
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