• The Federal Reserve cut interest rates by a half percentage point Wednesday afternoon— the first rate reduction since 2020.
• The cut marks the termination of the Fed's most aggressive inflation-fighting campaign since the 1980s. Although there was some division on the final decision, with Fed governor Michelle Bowman dissenting as she preferred a cut of 25 basis points.
• Additionally, the majority of Fed officials expect the central bank to cut interest rates by 100 basis points in total this year, reflecting recession fears and expectations of a sustained decline in inflation.

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