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On Sept. 18, the Federal Reserve cut interest rates for the first time in four years, lowering rates by 0.5 percentage points. As a result, banks including JPMorgan Chase, Bank of America, and Wells Fargo reduced their prime rates. With two more Fed meetings left in 2024, economists foresee interest rates continuing to trend downward.

The Fed had been keeping interest rates high in an effort to fight inflation and slow the economy by increasing the cost of borrowing. By lowering rates, the Fed hopes to stimulate economic growth by encouraging businesses to make major investments in people and property and address a softening labor market, which has seen unemployment rates slowly tick up.

Is your business planning on making major purchases as interest rates decrease?
Poll Description

On Sept. 18, the Federal Reserve cut interest rates for the first time in four years, lowering rates by 0.5 percentage points. As a result, banks including JPMorgan Chase, Bank of America, and Wells Fargo reduced their prime rates. With two more Fed meetings left in 2024, economists foresee interest rates continuing to trend downward.

The Fed had been keeping interest rates high in an effort to fight inflation and slow the economy by increasing the cost of borrowing. By lowering rates, the Fed hopes to stimulate economic growth by encouraging businesses to make major investments in people and property and address a softening labor market, which has seen unemployment rates slowly tick up.

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