The federal funds rate is a benchmark that influences other interest rates throughout the economy. The Federal Reserve doesn't control the federal funds rate directly. Instead, it uses various monetary policy tools to steer the benchmark toward a target range, which is currently 4.75% to 5%.

Policymakers in the U.K., eurozone and Canada have already cut rates. But India, South Korea and others were, essentially, waiting for the Fed.

The Federal Reserve gave home shoppers what they hoped for this week: a big rate cut and a signal of more cuts to come

Key Takeaways Now that the Federal Reserve has begun to lower its key fed funds rate, the question before policymakers is how fast and how far to reduce it in the coming months.Many economists expect the Fed to cut rates twice more this year,

U.S. Treasury yields rose after the Fed cut short-term rates.

On Sept. 18, 2024, the Federal Reserve Board (The Fed) agreed to a half point interest rate cut, the first since March of 2020. Find Out: How Much Money Do Americans Have in Their Bank Accounts