When will interest rates go down?

For the first time since early 2020, the Federal Reserve slashed rates at its September meeting. Now, the central bank’s benchmark interest rate sits a half point lower, at between 4.75% and 5%. Previously, rates had remained at a high of between 5.25% and 5.50% since July 2023.

This rate cut “is one of the most heavily anticipated of the year,” said The Washington Post. After holding off for a long time as it monitored inflation and other economic indicators, the Fed’s “more aggressive approach” suggests “officials are proactively trying to ease pressure off the economy and keep the job market from slowing any further.”

What will the Fed do next?