The Federal Reserve cut interest rates on Wednesday for the first time in four years, after 11 hikes and eight consecutive holds.
The fed cut rates by 50 basis points to a range of 4.75%-5.00% and is expected to cut them by another 50 basis points this year.
Having successfully tamed inflation, the Fed cut rates for the first time in more than four years, a move that should lower borrowing costs for consumers and businesses just weeks before the presidential election.
Experts said a half-percentage-point rate cut would signal that the Fed is as determined to maintain healthy economic growth as it is to combat high inflation.
This move is expected to be just the first in a series of Fed rate cuts that will extend through 2025.
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