The Federal Reserve is preparing to cut interest rates for the first time in the Biden era after the White House spent the last three years grappling with Americans’ dissatisfaction with the cost of living,

The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.

We concluded that this was the right thing for the economy and the people we serve,” the Federal Reserve chair, Jerome Powell, said, referring to the central bank’s decision to cut interest rates by half a point.