Federal Reserve Chair Powell speaks after Fed cut interest rates by a quarter point — 11/7/24

Federal Reserve Chairman Jerome Powell delivers remarks following the Federal Reserve's two-day policy meeting on Thursday.

The Federal Reserve approved its second consecutive interest rate cut Thursday, moving at a less aggressive pace than before but continuing its efforts to right-size monetary policy.

In a follow-up to September’s big half percentage point reduction, the Federal Open Market Committee lowered its benchmark overnight borrowing rate by a quarter percentage point, or 25 basis points, to a target range of 4.50%-4.75%. The rate sets what banks charge each other for overnight lending but often influences consumer debt instruments such as mortgages, credit cards and auto loans.

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Federal Reserve Chair Powell speaks after Fed cut interest rates by a quarter point — 11/7/24