Washington CNN —
The Federal Reserve on Wednesday cut interest rates by a quarter point, the third rate cut since it began to lower borrowing costs in September.
The central bank’s latest move leaves its benchmark lending rate at a range of 4.25%-4.5%, a two-year low.
The decision to cut was not unanimous, is an attempt to ease pressure on America’s economy from elevated interest rates to preserve the labor market’s health.
Fed Chair Jerome Powell said the latest rate cut was “a closer call,” adding that recent inflation readings were “the single
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