U.S. Fed slashes lending rate by 50 bps in first cut since 2020

The U.S. Federal Reserve cut its key lending rate by half a percentage-point Wednesday (September 18, 2024) in its first reduction for more than four years, sharply lowering borrowing costs shortly before November’s presidential election.

The Fed’s decision will affect the rates at which commercial banks lend to consumers and businesses, bringing down the cost of borrowing on everything from mortgages to credit cards.
Source:https://www.thehindu.com/