Fed Rate Cuts 2024 September. The fed said the cut lowers the federal funds rate into a range of 4.75% to 5%, down from its prior range of 5.25% to 5.5%, which had been its highest level in 23 years. The interest rate cut of 0.25% was expected, and it is likely to be.

Rate cuts will translate to cheaper borrowing costs on auto loans,. That was the first dissent from a fed governor since 2005.