The Federal Reserve made the decision to cut interest rates by a quarter point following the US presidential election earlier this week. This marks the second rate cut since the central bank initiated the process of lowering borrowing costs back in September. While the latest cut is smaller in comparison, it still offers some relief to Americans grappling with the high costs associated with loans such as credit cards, autos, and mortgages.
The rationale behind the rate cut is attributed to slower inflation and a cooling job market. These economic indicators have influenced the Federal Reserve's decision to take action in an effort to stimulate economic growth and provide support to consumers facing financial challenges.
