Federal Reserve Cuts Interest Rates for 2nd Straight Meeting

The Fed cut rates by a quarter point and continues to obtain confidence that inflation is heading to the central bank’s 2 percent target.

Federal Reserve Board Chair Jerome Powell answers a question at a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington on Nov. 1, 2023. Kevin Lamarque/Reuters

The Federal Reserve followed through on a quarter-point interest rate cut on Nov. 7 as officials continue to loosen the central bank’s tight monetary policy.

Following its half-point rate cut at the September Federal Open Market Committee (FOMC) policy meeting, the Fed trimmed the benchmark federal funds rate by a quarter point, bringing it to a range of between 4.5 percent and 4.75 percent.