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Fed Announces 50bps Rate Cut, In Line; 1st Cut in 4Yrs+
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The US Federal Reserve announced on Wednesday to start the interest rate cut cycle by reducing the federal funds rate by 50 bps or half a percent, from the range of 5.25%-5.5% that had been maintained for a while, to 4.75%-5%. This was the first rate cut in more than four years. The Fed forecast interest rates to ebb back to 4.4% by the end of 2024, and to fall further to 3.4% in 2025. The Fed said that the risks to employment were balanced against the inflation target, adamant to support employment. AAStocks Financial News |
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