Mon. Jan 13th, 2025

Fed slashes interest rates – here’s what it means for you

Washington, Sept. 19, 2024 – The Federal Reserve cut interest rates Wednesday by the biggest amount in 16 years. The 50 percentage points reduction will make borrowing money less expensive, taking some of the pressure off consumers’ wallets. Wednesday’s cut brings benchmark borrowing costs down to between 4.75 percent and 5 percent.  While the Fed rate does not directly affect rates for loans, credit cards and mortgages, it strongly influences them.  Lower rates are also seen as generally good for businesses – so as they fall, the stock market rises.  That means …