The benchmark rate was lowered by 0.25 points from 4.25% to 4.5% on Wednesday, marking the Federal Reserve's third consecutive interest rate drop of 2024. A full percentage point lowered the rate with this most recent decrease, which comes after a 0.25% cut in early November and a more significant half-point cut in September. These rate reductions provide relief for small business owners, particularly those in charge of credit card balances, business loans, and other debt.
The benchmark rate was lowered by 0.25 points from 4.25% to 4.5% on Wednesday, marking the Federal Reserve's third consecutive interest rate drop of 2024. A full percentage point lowered the rate with this most recent decrease, which comes after a 0.25% cut in early November and a more significant half-point cut in September. These rate reductions provide relief for small business owners, particularly those in charge of credit card balances, business loans, and other debt.