"Fed Messenger" Nick Timiraos: The Federal Reserve voted to cut interest rates by 50 BP for the first time since 2020, marking a bold start to the move. Eleven of the 12 Fed members voted in favor of the decision to cut rates, bringing the benchmark federal funds rate down to a range of 4.75% to 5%. Quarterly forecasts released on Wednesday showed that most officials expect to cut rates by at least 25 BP at their November and December meetings. The decision to cut rates puts the Fed firmly in a new phase: trying to prevent last year's rate hike, which pushed borrowing costs to two-decade highs, from further weakening the U.S. labor market.