"By cutting its benchmark interest rate by a quarter percentage point, the Federal Reserve is trying to cushion the slowdown in the U.S. job market. Hiring has dropped sharply in recent months, and some big employers have announced widespread layoffs. While the unemployment rate at last count was still relatively low, Fed Chairman Jerome Powell and his colleagues want to prevent the job market from weakening any further."
"The Federal Reserve on Wednesday lowered its benchmark interest rate for the second time in six weeks. As that decision filters through the economy, it should get a little bit cheaper to borrow money to buy a car, grow a business or just carry a balance on a credit card. The head of the central bank hinted that may be the last cut this year."
The Federal Reserve reduced its benchmark interest rate by a quarter percentage point to cushion a slowdown in the U.S. job market. Hiring has dropped sharply and several large employers have announced widespread layoffs, though the unemployment rate remains relatively low. The rate cut aims to make borrowing slightly cheaper for consumers and businesses, easing costs for auto loans, business growth, and credit card balances. Interest rates had been kept relatively high to combat stubborn inflation, which is still above desired levels despite slower increases than in prior years. Tariffs are exerting upward pressure on prices, complicating economic assessment.
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