Federal Reserve decreases interest rates for first time since 2020
BATON ROUGE, La. (WAFB) – After its September meetings concluded Wednesday, the Federal Reserve announced a half-point cut to current interest rates.
The cut brings interest rates down for the first time since 2020. The rates coming down also ends what was a 23 year high for more than a year.
The decreased rates will bring down borrowing costs for consumers and businesses.
The housing market for example, will benefit speaking that last week’s 6.2 percent 30-year fixed loans were a 19-month low.
More cuts are expected to be made as the year continues.
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