The Federal Reserve announced it would cut interest rates for the first time in four years.
It lowered rates by half of a percentage point.
U.S. Congress Joint Economic Committee Chairman Sen. Martin Heinrich, D-New Mexico, issued a statement following the rate cut.
“For months, I’ve advocated for interest rate cuts to deliver the benefits of this economy to Americans. Families have had to endure unnecessary hardship for far too long because of needlessly high interest rates. Today, the Federal Reserve finally made the right call,” Heinrich said in the statement. “Lower rates mean that more families will be able to buy a home or a car without high interest payments looming over them, and their credit card bills will go down.”
