US Federal Reserve expected to cut interest rates for first time since 2020
The United States Federal Reserve is expected to announce on Wednesday its first interest rate cuts since March 2020.
The Fed is holding a policy meeting on Tuesday and Wednesday.
Fed Chair Jerome Powell said in a speech last month, “The time has come for policy to adjust,” suggesting an impending rate cut.
The shift in policy was prompted by falling inflation and a slowdown in the labor market.
In August, the consumer price index fell for the fifth straight month to its lowest level in three and a half years.
The Fed has maintained high interest rates to fight record inflation in the US.