The Federal Reserve on Wednesday cut its interest rate target by half of a percentage point, the first time the central bank trimmed its rates in over four years.

After a two-day meeting of its monetary policy committee in Washington, D.C., the Fed announced it would move its rate target to a range of 4.75% to 5.00%, down from 5.25% to 5.50%.

Recommended Stories

Fed holds interest rates steady and stops short of signaling September cut

Fed raises inflation projections for fourth time this year

Fed claims progress on inflation but indicates plans for just one rate hike this year