The Federal Reserve's decision could potentially mark an economic milestone for Americans battling higher cost of living.

Their latest update, published on September 18th, revealed that their views on long-term interest rates are the most dispersed since the Fed started publishing these “dot plot” projections in 2012. Of the 19 officials who made forecasts (the committee’s 12 voters plus seven regional Fed presidents),

The Federal Reserve on Wednesday cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates that helped tame inflation but also made borrowing painfully expensive for American consumers.

The federal funds rate is the interest banks charge each other for overnight loans. Set by the Federal Reserve, it's a basis for other interest rates.

Some forecasters expect the Fed to cut interest rates by a quarter-point Wednesday. Most, however, expect a half-point reduction. The CME FedWatch forecast tracker favored a half-point cut by a 55-45 margin at midday. (Earlier Wednesday, forecasters rated the probability of a half-point reduction even higher.)

The Federal Reserve cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates helped tame inflation but that also made borrowing painfully expensive for consumers.

Federal Reserve Chair Jerome Powell has signaled that more rate cuts are in the pipeline, though their size and speed will depend on the evolution of the economy

The relative strength of the economy means the central bank will take a deliberate policy approach, with gradual rate cuts coming.

The Indian rupee is expected to open slightly weaker and stay under pressure on Tuesday after Federal Reserve Chair Jerome Powell pushed back against expectations of more larger-than-usual interest rate cuts,