Fed Rate Cut September 2024. The federal open market committee chose to lower its key overnight borrowing rate. The federal reserve voted to slash the fed funds rate by 50 basis points in september.
The federal reserve announced the first interest rate cut in four years at its september policy meeting amid progress in slowing down the pace of inflation toward its 2%. The federal reserve on wednesday said it is cutting its benchmark interest rate by 0.50 percentage points, marking the first reduction in four years and moving to ease.