The Fed Just Cut Rates for the First Time Since 2008 -- Here’s What You Need to Know

The Federal Open Markets Committee, the policy-making arm of the Federal Reserve, just announced its latest monetary policy decision. As expected, the committee cut interest rates for the first time in more than a decade but not by as much as some were hoping.

With that in mind, here's a rundown of the FOMC's decision, the other major development to come out of the July meeting, and what the expectation is going forward.

Image source: Getty Images.

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