Fed cuts interest rates for first time this year amid weakening labor market
The Federal Reserve on Wednesday announced the first interest rate cut of the year as policymakers lowered its benchmark interest rate by 25-basis-points, as signs of a weakening labor force outweighed elevated inflation.Following the central bank's decision to cut rates for the first time since December 2024, the federal funds rate will sit at a new range of 4% to 4.25%. The cut comes after the Fed left rates unchanged at […]
