Federal Reserve Cuts Interest Rates For Second Time This Year

The Fed said the economy is strong overall and has made significant progress over the past two years.

The Federal Reserve announced its second interest rate cut of the year Wednesday.

The agency decreased its benchmark rate by a quarter percentage point to a range of 4.25% to 4.5%. That means rates have dropped by a full percentage point since September.

The Fed said the economy is strong overall and has made significant progress over the past two years.

The rate cut comes as inflation moves closer to the 2% goal.

The announcement marks the Fed’s first interest rate decision since Donald Trump won the 2024 presidential election.