Federal Reserve cuts interest rates

The Federal Reserve has cut interest rates for the first time since the start of the pandemic, cutting rates by 50 basis points.

The Fed says it has "greater confidence" that inflation will return to a normal level.

The cut was more aggressive than what many expected.

105 of 114 economists expected a cut of 25 basis points.

"The move will have a major impact on the finances of Americans across the board, making borrowing cheaper, though the golden days of high-yield savings instruments may be over," Forbes reported.