US Federal Reserve cuts interest rates for first time in 4 years
U.S. Fed cuts benchmark policy rate by 25 basis points to range between 4.25% - 4.50%, matching estimates. (AA Photo)
US Federal Reserve has finally started cutting interest rates after a 4-year hiatus. For the first time in 4.5 years, the FED has reduced the policy rate to a range of 4.75-5.00%.
The Fed’s rate-cutting cycle is expected to continue in the coming months, with economists forecasting a total reduction of 125 basis points by the end of the year.
Following the Fed’s announcement, central banks in Bahrain, the UAE, Qatar, and Kuwait have also decided to lower their interest rates.
