Fed expected to announce its first interest rate cut since 2020
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The Federal Reserve is set to announce its first interest rate cut since March 2020 on Wednesday, September 18, 2024; Fed chair Jerome Powell and senior officials indicate a cut is likely as inflation approaches the 2% target and the labor market cools; the decision will be based on economic data, with a debate expected on whether to cut by 25 or 50 basis points; analysts predict a 25 basis point cut as a safer option; Goldman Sachs expects three cuts of 25 basis points each in 2024; traders foresee a greater than 99% chance of four more cuts in 2025, lowering the key lending rate to between 3.5% and 3.75%; the Fed's last rate cut was in response to the Covid-19 pandemic, and it has maintained rates at a two-decade high of 5.25% to 5.50% for 14 months.
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