It’s a pivotal week for the US economy, with the Federal Reserve expected to cut interest rates for the first time since 2020. The move would mark a major milestone both for the central bank’s long fight with inflation and for Americans battling a higher cost of living for the past two years.

The Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.

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The Federal Reserve delivered its first interest rate cut in more than four years yesterday. It was a declaration of victory over once hot, hot, hot inflation. And mortgage rates responded by fluctuating in kind of a weird way.

The U.S. central bank might have begun cutting interest rates in late July had it known that the labor market was cooling as fast as it has been, Federal Reserve Chair Jerome Powell said on Wednesday.

Federal Reserve Chair Jerome Powell said during a Wednesday press conference that the first interest rate cut since 2020 is designed to maintain the strong U.S. economy.

After the Federal Reserve announced a 0.5% interest rate cut, Fed Chair Jerome Powell stated that the economy is strong and has made significant progress over the past two years. He noted that the labor market has cooled from its previously overheated state,

The rate cut was intended to prevent further deterioration of the formerly roaring labor market. The unemployment rate has risen all year although it's still not high by historical standards. Fed officials aim to bring the economy in for a "soft landing" from the post-pandemic burst of inflation rather than an economic crash.