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The Federal Reserve announced yesterday a cut to borrowing costs by 0.25%, the second rate cut of the year following September’s reduction, bringing the interest rate banks charge each other for borrowing money to a range of 4.5% to 4.75% from its current 4.75% to 5% level.Â
The Fed's 0.25% cut will provide some relief for consumers, although the initial benefit will be small, experts say. The Fed is expected to continue cutting rates over the next few months.
Inflation has made progress towards the 2% goal but remains somewhat elevated and Fed Chair Jerome Powell noted that Americans "are still feeling the effects of high prices" despite the slowdown in inflation.
Essential Wealth Management
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Essential Wealth Management is a trading name of Essential Wealth Management and Advice Ltd which is an appointed representative of 2plan wealth management Ltd which is authorised and regulated by the Financial Conduct Authority. Essential Wealth Management and Advice Ltd is entered on the FCA register (www.FCA.org.uk) under no. 518528. Registered office: 1-2 Great Farm Barns, West Woodhay,Newbury, Berkshire RG20 0BP. Registered in England and Wales Number: 04020006.
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