Fed Rate Cut 2024 News. Throughout all of 2023, the rate averaged 6.8% and peaked near 8%. It’s a pivotal week for the us economy, with the federal reserve expected to cut interest rates for the first time since 2020.
Fed announces big rate cut “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. Generally rises on average, for those six cycles, the unemployment rate rose by 1.4 percentage points a year after the fed cut rates.