US cuts down interest rate in four years

09/19/2024 7

The US central bank on Wednesday, lowered interest rates for the first time in more than four years with a bigger than usual cut.

The Federal Reserve reduced the target for its key lending rate by 0.5 percentage points, to the range of 4.75%-5%.

The head of the Bank, Jerome Powell said the move was strong but that it was needed as price rises ease and job market concerns grow.

On the other hand, the cut will bring a relief to US borrowers, who have been dealing with the highest interest rates in more than two decades.

According to Powell, the aggressive action on Wednesday was intended to make sure that high borrowing costs, put in place to fight inflation, would not end up hurting the US economy.

Written by: bossgmsi

Rate it

News

FCT sets up ad-hoc committee on tremors preparedness

The Federal Capital Territory Emergency Management Department says it has set up an ad-hoc Committee on Emergency Preparedness to sensitise residents on what to do during and after the tremors. This was revealed in a statement signed by the Agency’s Head of Public Affairs, Nkechi Isa, on Wednesday, following a meeting with stakeholders on recent vibrations in some parts of Mpape, Katampe and Maitama. Residents in Mpape and surrounding communities […]

09/19/2024 6