First, since 2008, the Fed cut the benchmark interest rate by 25 basis points.
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The United States Federal Reserve (the Fed) cut its benchmark interest rate by 25 basis points (bps) to a range of 2%-2.25% on Wednesday (July 31st), during a meeting of the Federal Open Market Committee (FOMC). This is the first rate cut since December 2008.
Concerns about the global economy and low inflation in the United States prompted the Fed's decision to lower interest rates. If overall inflation and inflation excluding food and energy remain below 2%, the Fed signaled further rate cuts may be necessary.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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