The economy is on the verge of a tipping point.

For the first time since 2020, the Federal Reserve is set to cut interest rates. Chair Jerome Powell believes inflation has cooled sufficiently and the central bank must now turn its attention to shoring up the labor market as the unemployment rate has risen by nearly a full percentage point since last year.

Over the next year or two, interest rates are likely to come down by two or three percentage points based on the Fed's own projections, which should have a significant impact on the economy.

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Source Fool.com