US Federal Reserve cuts interest rates by 50 bps in key FOMC meet chaired by Jerome Powell

US Federal Reserve Meeting: The US Federal Reserve has cut interest rates by 50 basis points, the first reduction in over four years, aiming to reverse restrictive economic conditions. Policymakers expect further rate cuts, targeting a range of 4.25%-4.50% by year-end as inflation nears the 2% goal and unemployment rises.