EconomyThe Fed Finally Dusted Off Its Scissors What's going on: The Federal Reserve just gave borrowers a tiny breather, cutting interest rates for the first time since December. The quarter-point trim — which lowers the benchmark rate to a new range of 4% to 4.25% — came with a signal that two more cuts could follow this year. The Fed’s newest governor, Stephen Miran, confirmed less than 24 hours earlier, cast the lone “no” and pushed for a steeper half-point reduction. In its statement, the Fed said it lowered rates due to slowing job growth and increasing risks to employment. The decision follows pressure from the Trump administration to cut rates and an attempt to oust Governor Lisa Cook, who remains in her seat. What it means: The Fed’s move marks a turning point from holding rates steady to giving the economy some breathing room. The central bank has two big goals: Cool inflation (target: 2%, current: ~3%) and keep jobs strong. High rates help tame prices; lower rates help protect jobs. For everyday people, these are the main things to know: Experts say credit card rates could ease a bit, car loans could get cheaper, and savings accounts and CDs may earn less. What about mortgage rates? They don’t mirror Fed cuts directly, but analysts say additional reductions could eventually bring relief to homebuyers. Officials hope cheaper credit will support hiring as job growth slows. Bottom line: Borrowers may feel some relief, savers not so much. Related: Why You Should Own (Some) Gold (WSJ Gift Link) | 
