The Federal Reserve has cut interest rates for the first time since March 2020 — the beginning stages of the COVID-19 pandemic. Forbes reported that on Wednesday, Sept. 18, 2024, the U.S. central banking system announced the significant move that will have a widespread effect on Americans’ finances, making borrowing less expensive. Following a split decision on whether to make a 25- or 50-basis-point cut, the Fed’s policy-setting committee reduced the federal funds rate by 50 basis points. As inflation continues to moderate, the adjustment lowers the interest rate to a range of 4.75% to 5%, down from 5.25% to 5.5%, which were the highest levels since 2001. “Today, the Federal Open Market Committee decided to reduce the degree of policy restraint by lowering our policy interest rate by 1/2 percentage point,” Fed Chairman Jerome Powell said at a news conference following the announcement. “ This decision reflects our growing confidence that, with an appropriate recalibration of our...