The Federal Reserve has approved its second straight interest rate cut. The Fed reduced the central bank’s benchmark rate by a quarter point. The target range is now set at 3.75% to 4%. Interest rates set by the Fed are below 4% for the first time since late 2022. The prospect of additional rate cuts this year remains uncertain. Fed Chair Jerome Powell indicated that a lack of official government statistics could make the central bank more cautious about further cuts. He elaborated by saying, “A further reduction of the policy rate in December is not a foregone conclusion, in fact, far from it.” Stay tuned.
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