Federal Reserve cuts interest rates for the second time this year ...Middle East

The Federal Reserve cut interest rates by 0.25 percentage points Thursday, the second consecutive cut after a two-year rate hike run to curb post-pandemic inflation. The Federal Open Market Committee (FOMC), the panel of Fed officials responsible for setting interest rates, dropped its baseline borrowing cost range down to 4.5 to 4.75 percent. The rate cut, which was widely expected by economists and Fed watchers, is the central bank's second of the year. The Fed hiked rates rapidly in the face of high inflation, then left them at elevated levels to snuff out rapid price growth. While inflation has come down drastically, the sticker shock of higher prices was ultimately too much

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Federal Reserve cuts interest rates for the second time this year ...Middle East

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