BREAKING: The Federal Reserve is cutting rates by 0.25% for the first time in over a decade.
The policymaking Federal Open Market Committee dropped the target range for its overnight lending rate to 2% to 2.25%, or 25 basis points from the previous level.
The rate is tied to most forms of consumer debt and is likely to almost immediately have an impact on lowering credit costs. The rate cut saw two dissents, with Fed presidents Esther L. George of Kansas City and Eric Rosengren of Boston casting no votes, as many observers had expected. Along with the rate cut, the committee decided to end the reduction of bonds it is holding on its balance sheet.
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