CNN —
High interest rates have begun their initial descent.
The Federal Reserve on Wednesday announced it would cut its key overnight lending rate by half a percentage point — aka 50 basis points — marking the first time the US central bank has lowered rates since March 2020.
It is expected to continue cutting rates over the next year or two. But Federal Reserve Chairman Jerome Powell said Wednesday the board will “make decisions meeting by meeting based on incoming economic data.” Barring a big economic slowdown, however, further cuts may be smaller
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