On Thursday, the U.S. Department of Commerce reported that prices rose 2.1 percent in September from the prior year.
A key inflation metric that the Federal Reserve closely watches has fallen to its lowest level since early 2021.On Thursday, the U.S. Department of Commerce reported that prices rose 2.1 percent in September 2024 from September 2023.This number is just above the Fed's 2 percent inflation target and in line with numbers from 2018, well before prices began surging in an American economy devastated by the COVID-19 pandemic.
September's interest rate cut was the first in four years.The federal funds rate is the target interest rate at which commercial banks borrow and lend their extra reserves to one another overnight. If the federal funds rate continues to decrease, the cost of consumer borrowing—including mortgages, auto loans and credit cards—should go down over time.Economists expect the Fed to cut its benchmark rate by a quarter-point when it meets next week.
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