The Federal Reserve cut interest rates - 19th September 2024

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The Federal Reserve cut interest rates - 19th September 2024

The Federal Reserve’s Chairman Jerome Powell announced last night a cut in interest rates by 0.5%, the first cut in borrowing costs since the onset of Covid in March 2020.

Mr Powell said ‘our patient approach over the past year has paid dividends. Inflation is now much closer to our objective and we have gained greater confidence that inflation in moving sustainably towards 2%’.

The Fed’s decision comes ahead of the Bank of England meeting today at which policy makers are expected to hold rates steady after cutting interest rates for the first time in four years in August.

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