Bitcoin Magazine Federal Reserve Cuts Interest Rates by 25 Basis Points; Bitcoin Climbs Above $116,000

The Federal Reserve cut interest rates by a quarter percentage point on Wednesday, lowering its benchmark federal funds rate to a target range of 4.00% to 4.25%. The move, widely anticipated by markets, marks the central bank’s first rate reduction in years and reflects growing concern over slowing job growth and heightened downside risks to the U.S. economy.

In its statement, the Federal Open Market Committee (FOMC) noted that “recent indicators suggest that growth of economic activity moderated in the first half of the year. Job gains have slowed, and the unemployment rate has edged up but remains low. Inflation has moved up and remains somewhat elevated.”

The Fed emphasized its dual

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