The last interest rate cut by the Federal Reserve occurred in July 2023, when rates were maintained at 5.25%-5.50%. However, Chair Jerome Powell recently indicated that the Fed plans to cut rates in September 2024, contingent on economic data showing sustained inflation progress towards the 2% target.

The Federal Reserve is considering another interest rate cut in September 2024 to support inflation progress. Chair Powell's statement reflects the Fed's cautious approach to maintaining economic stability.