#FOMCMeeting After a series of interest rate hikes between March 2022 and July 2023, the Fed kept its benchmark rate unchanged for over a year. However, in September 2024, it announced a 50 basis point cut. It then lowered its target rate by an additional 25 basis points in November, and again in December. Since then, the Fed has maintained its target range between 4.25% and 4.50%.