Fed Slashes Rates Aggressively With Larger Half-Point Cut: Prepare for Lower Mortgages
Fed policymakers announced the half-point rate cut on Wednesday, bringing the central bank's effective benchmark rate to about 4.8%, down from a two-decade high of about 5.3%. It marked the first rate cut since March 2020, and follows two years of elevated interest rates in the central bank’s fight against inflation.