Your browser is not supported | usatoday.comPlease upgrade your browser to view usatoday.comusatoday.com wants to ensure the best experience for all of our readers, so we built our site to take advantage of the latest technology, making it faster and easier to use.Unfortunately, your browser is not supported. Please download one of these browsers for the best experience on usatoday.comGoogle ChromeMozilla FirefoxOperaMicrosoft EdgeSafari, The Fed announces quarter-point interest rate cut. What it means for you The Federal Reserve announced its first rate cut of the year, bringing its key interest rate down to a range of 4% to 4.25%., Fed Cuts Rates for First Time This Year The Federal Reserve lowered rates by a quarter point, but Stephen Miran, a Trump appointee who joined the board this week, voted for a bigger cut. Balancing .