Federal Reserve Cuts Interest Rates by Quarter Point to 4.5%-4.75% as Inflation Cools

Nov 7, 2024, 07:18 PM

The Federal Reserve on Thursday cut its key interest rate by a quarter percentage point to a target range of 4.5% to 4.75%, marking the second consecutive reduction this year in response to a steady slowdown of inflation pressures. The rate cut reflects cooling inflation and signs of a weakening labor market.