Fed Interest Rate Cut 2024 Time. The fomc slashed the federal funds rate (the overnight interest rate) by 50 basis points to 4.88% (the rate changes depending on circumstance but will hover. Federal reserve chair jay powell said friday he expects the central bank will cut its key interest rate in the near future in response to slower economic growth.

The fed’s upcoming decision to cut interest rates is a sign that officials feel “confident” enough that price pressures are coming under control. The fed meets two other times.