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Money just got a little less expensive.
On Wednesday, the US Federal Reserve made its first interest rate cut in four years, effectively declaring victory in its effort to bring down inflation that set in after the pandemic. Officials voted to lower the rate, used as a benchmark to set borrowing costs throughout the economy, by half a percentage point, to a range of 4.75 percent to 5 percent. That’s higher than the quarter point many economists expected.
The hope is that by lowering rates,…
