US Fed slashes interest rates by 50 bps for the first time since 2020
The US Federal Reserve on Wednesday announced its first interest rate cut since the early days of the 2020 COVID-19 pandemic. The Fed slashed interest rates by 50 bps to a range between 4.75%-5%, from the 23-year high of 5.25%-5.50%. "The committee...judges that the risks to achieving its employment and inflation goals are roughly in balance," the post-meeting statement said.