Federal Reserve Cuts Interest Rates to 4.75-5.00%

The U.S. Federal Reserve has initiated a series of interest rate cuts, starting with a significant half-percentage-point reduction to 4.75-5.00%. Fed Chair Jerome Powell emphasized that this decision was aimed at sustaining low unemployment as inflation declines, despite dissent from some governors. Analysts suggest this move may enhance Powell's legacy if it successfully leads to a 'soft landing' for the economy. Meanwhile, the South African Reserve Bank has also cut its repo rate by 25 basis points to 8%, with officials citing a cautious approach due to global uncertainties, though some economists believe a larger cut was warranted. The property market in South Africa is responding positively, with calls for buyers to take advantage of favorable conditions following the rate cut. Overall, both countries' central banks appear focused on stabilizing their economies amid shifting global economic conditions.