In a dramatic shift, the Federal Reserve on Wednesday cut its benchmark interest rate by an unusually large half-point.
WASHINGTON — The Federal Reserve on Wednesday cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years ofThe rate cut, the Fed’s first in more than four years, reflects its new focus on bolstering the job market, which has shown clear signs of slowing. Coming just weeks before the presidential election, the Fed’s move also has the potential to scramble the economic landscape just as Americans prepare to vote.
The central bank’s action lowered its key rate to roughly 4.8%, down from a two-decade high of 5.3%, where it had stood for 14 months as it struggled to curb the worst inflation streak in four decades. Inflation has tumbled from a peak of 9.1% in mid-2022 to a three-year low ofThe Fed’s policymakers also signaled that they expect to cut their key rate by an additional half-point in their final two meetings this year, in November and December.
At issue in the Fed’s deliberations is how fast it wants to lower its benchmark rate to a point where it’s no longer acting as a brake on the economy — nor as an accelerant. Where that so-called “neutral” level falls isn’t clear, though many analysts peg it at 3% to 3.5%.The Church of Jesus Christ of Latter-day Saints is building a new temple in Federal Way, giving the church its sixth temple in Washington.
September marks Prostate Cancer Awareness Month. In Seattle, Swedish is paving the way with a unique system designed to fight prostate cancer.Have you dreamed of designing your own video game or being at the forefront of artificial intelligence? There is a school that can help turn those dreams into a reality.Anacortes: The ultimate summer water adventure destinationMake-A-Wish Alaska and Washington is on track for a record number of wishes, however, to do that it will need help from volunteers.
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