The Federal Reserve on Wednesday cut its benchmark interest rate by 0.25 percentage points, bringing the federal funds rate to its lowest level in more than three years: between 3.5% and 3.75%. https://cbsn.ws/4q3gLdc | CBS Evening News
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The Federal Reserve cut interest rates by a quarter point on Wednesday, lowering borrowing costs for the third consecutive time this year amid signs of a weakening labor market. The move sets the target range for the federal funds rate at 3.5% to 3.75%, its lowest level since late 2022. Federal Reserve Chair Jerome Powell said the central bank was facing a “very challenging situation” as it seeks to balance its dual mandate of maximum employment and stable prices. He described the decision as a
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