Federal Reserve Cuts Its Key Interest Rate By A Quarter-Point

The Federal Reserve cut its key interest rate by a quarter-point – so the federal funds rate will now sit at between 4.5% to 4.75%. The latest moves comes after a larger half-point reduction in September, and it reflects the Fed’s renewed focus on supporting the job market as well as fighting inflation – which has seen record highs since the start of the Biden-Harris Administration making gas, food and housing unaffordable for many Americans.