Fed Reduces Rates-First Time in Four Years!
People First Real Estate News Bite: In a significant move, the Federal Reserve has announced a reduction in interest rates for the first time in four years, cutting them by half a point (0.50 percent) on September 18, 2024. This decision follows a series of 11 rate hikes since March 2022, implemented to combat high inflation and cool down an overheated economy.
As inflation shows signs of cooling, the Fed aims to encourage borrowing and investment, supporting both consumers and businesses as they navigate the shifting economic landscape. This interest rate reduction could signal the beginning of a new era of economic growth, as the central bank balances its dual mandate of promoting maximum employment and maintaining stable prices.
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News Bite Ref: https://www.federalreserve.gov/newsevents/pressreleases/monetary20240918a.htm
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