Fed Reserve cuts interest rates by half a point

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For the first time since the early days of the COVID pandemic, the Federal Reserve has cut rates. The rate cut was on the large side - 50 basis points.

The rate cut is an attempt to fend of problems in the labor market, which remains strong in the face of easing inflation.

The fed will be closely monitoring how the economy responds to the cut.

"This decision reflects our growing confidence that with an appropriate recalibration of our policy stance, strength in the labor market can be maintained in a context of moderate growth and inflation moving sustainably down to 2%," said Jerome Powell, the chairman of the Federal Reserve.