LOS ANGELES - The Federal Reserve cut its benchmark interest rate by a quarter point Wednesday, marking its first reduction since December. The move lowers the central bank’s short-term rate to about 4.1%, down from 4.3%.

Fed officials said the decision reflects growing concern about the health of the job market. Hiring has slowed sharply in recent months and unemployment has ticked higher, shifting the Fed’s focus away from inflation, which remains slightly above its 2% target.

Lower borrowing costs could ripple quickly through the economy. Mortgages, car loans and credit card rates may ease, offering some relief to consumers and businesses. At the same time, the cut means savers will likely see smaller returns.

Here’s how a Fed rate cut could affect you.

Borrowing costs: what chang

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