The Federal Reserve lowered its key interest rate by a hefty half percentage point Wednesday, moving ahead with its first rate cut in four years and cheering markets that expected an emphatic move amid a softening jobs picture.
With the slowing labor market posing a growing risk to the economic expansion, Fed officials opted for a bold approach to launch a projected flurry of rate cuts now that inflation is easing.
But the central bank forecast a total of just a half point in additional cuts the rest of the year, signaling officials don’t believe the job market is collapsing.
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