The Federal Reserve lowered its benchmark interest rate on Wednesday by 50 basis points (bps) to a range of 4.75% to 5%, turning an important corner in the central bank’s fight against inflation. The cut is the first since March 2020 after the Fed raised interest rates to a 23-year high point to cool the economy and quell inflation. 

With both inflation and the labor market cooling, economists and housing professionals alike had expected the Fed to cut borrowing costs in September, with the big question being how large the cut would be. 

Generally, the Federal details ⇒