Fed Rate Cuts 2024 September 23. Yet inflation has remained above the fed’s target level, clouding the fed’s next step. At the september 2024 federal open market committee (fomc) meeting, the federal reserve (fed) lowered interest rates by 50 basis points, easing monetary policy for the first time in four years due to progress on the fed’s dual mandate.

Federal reserve bank of chicago president austan goolsbee said interest rates need to be lowered “significantly” to protect the us labor market and support the us economy. The big question now is just how big a september rate cut will be, and how rapidly the fed will lower borrowing costs in the months that follow.