Fed to cut interest rates by quarter-point
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The Federal Reserve announced the first interest rate cut since December, a decision made this week in hopes of boosting low employment, which at this point, outweighs concerns about inflation.
First-time buyers may feel the squeeze the most. A recent Fed board speech by Governor Adriana D. Kugler highlighted that higher mortgage rates disproportionately reduce purchases by lower-income households, which pushes homeownership dreams further out.