Business

What the Fed’s first rate cut of the year means for your wallet

The Federal Reserve on Wednesday cut its benchmark interest rate by 25 basis points in its first cut of the year, marking a move that could ease monthly payments on mortgages, credit cards and other loans. The Fed’s benchmark rate helps set the prime rate, which banks use to determine…

Fed cuts interest rates for first time this year amid weakening labor market

The Federal Reserve on Wednesday announced the first interest rate cut of the year as policymakers lowered its benchmark interest rate by 25 basis points, as signs of a weakening labor force outweighed elevated inflation. Following the central bank’s decision to cut rates for the first time since December 2024, the…

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