Federal Reserve delivers super-sized half-point rate cut
By Neil Irwin and Courtenay Brown, Axios
The Federal Reserve cut its target interest rate Wednesday by an extra-large half-percentage point and projected more rate cuts this year and next, as its period of trying to put brakes on the economy to fight inflation comes to a close.
Why it matters: The move lowers borrowing costs for consumers and businesses, as the central bank aims to keep the economy’s expansion going strong amid warning signs on the outlook.