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The Federal Reserve announces its third interest rate cut of the year, reducing its benchmark short-term rate by a quarter of a percentage point. The new rate range of 4.25% to 4.5% marks a significant departure from the 23-year high of 5.5% set earlier this year, as inflation continues to ease from its post-pandemic peaks.
Fed Chair Jerome Powell explains that the decision reflects ongoing improvements in inflationary trends and a more stable economic outlook. "We are responding to encouraging signals in inflation data, but we remain cautious and committed to our dual mandate. . .
