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Fed Cuts Interest Rates For First Time In Over Four Years
The U.S. central bank cut interest rates for the first time in a very long four years marking the beginning of the end of what’s been the highest cost in two decades of borrowing money.
The half-point cut will make it easier for people to buy homes and cars and take some pressure off highly indebted businesses, in media, entertainment and elsewhere. “In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent. Many – including President Joe Biden and VP and 2024 Presidential candidate Kamala Harris — have also accused companies of taking advantage and price gouging.
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