The FOMC voted unanimously at the meeting to take down its benchmark borrowing rate by a quarter percentage point to a target range of 4.5%-4.75%. Markets expect the Fed could cut again in December, though conviction has waned among concerns that President-electDonald Trump's plans for tar...
Federal Reserve Chair Jerome Powell is expected to announce an interest rate cut of 0.25 percentage points Thursday afternoon. That news comes as U.S. markets soar following the election of Donald Trump. CBS News correspondent Kelly O'Grady has more
A rate cut will have no impact on the amount of the monthly payment for a fixed-rate mortgage. Low rates can be good for potential homeowners but fixed-rate mortgages don't move directly with the Fed's rate changes. A Fed rate cut changes the short-term lending rate but most fixed-rat...
TheFederal Reserveon Wednesday announced a long-awaited interest rate cut, lowering the benchmark rate by 50 basis points from what was the highest level in 23 years as the central bank eased borrowing costs following progress in the fight against inflation. The Fed's first interest rate cut s...
With economists pushing back their rate-cut forecasts to mid-2024, the initial impact was on the stock market, with the Dow Jones Industrial Averagefalling 525 points, or 1.4%, on Tuesday. Investors had been pushing stocks higher on expectations that the Fed would soon cut rates, which could...
“Over the next 12 months, we have a long way to come down to get the interest rate to something like neutral to try to hold the conditions where they are,” Chicago Fed President Austan Goolsbee said in a moderated Q&A event.
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What the rate cut means long-term While some effects of the rate cut will be almost immediate, others will take time to materialize. Mortgages While the Fed doesn't directly set mortgage rates, its decisions influence them. Mortgage rates are expected to trend downward in the coming months, ...
While a rate cut of half a percentage point (aka 50 basis points) will certainly reduce borrowing costs, it's not going to provide drastic relief. And whereas some effects of the rate cut will be almost immediate (like credit card interest rates), others will take time to materialize (...
The Federal Reserve cut interest rates by half a percentage point Wednesday after introducing several rate hikes throughout the pandemic. Martin Baccardax, chief markets correspondent for TheStreet, joins CBS News to explain the Fed's move.