Dec. 18 (UPI) -- Federal Reserve Chairman Jerome Powell on Wednesday announced a 0.25% reduction in the Fed's lending rate to between 4.25% and 4.5%, despite a recent uptick in inflation. The Fed's lending rate now stands at where it was in 2022 when the Federal Reserve began raising its lending rate to counter inflation. It is a full percentage point lower than it was a year ago. Advertisement "Inflation has eased significantly but remains elevated over our 2% goal," Powell told news media

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