FRESNO, Calif. (KGPE) - For the first time this year, the Federal Reserve cut interest rates by a quarter of a percent on Wednesday, to a range of 4% to 4.25%.

It’s a move that could help borrowers with home or car loans and even credit cards.

While Federal Reserve Chair Jerome Powell says inflation is still higher than they would like, with prices up 2.9% compared to last year, he says the move is mostly about a struggling jobs market.

“Our policy had been really skewed toward inflation for a long time really. Now, we see that there’s downside risk clearly in the labor market. And so, we’re moving in a direction of more neutral policy,” Powell said while discussing the change in philosophy.

Brian Ullmann with Ford Financial Group says this move was largely expected, with only 22,000 n

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