On September 18, 2024, the US Federal Reserve reduced the benchmark interest rate by 50 basis points to a range of 4.75%–5%, marking the first rate cut in four years. This decision follows concerns over a weakening job market, with inflation remaining just above the Fed's 2% target. The central bank has shifted its focus from controlling inflation to supporting economic growth. This rate cut is anticipated to be the start of a series of reductions extending into 2025, aimed at achieving a "soft landing"—reducing inflation without triggering a major recession.