ROCHESTER, N.Y. (WROC) — The Federal Reserve cut its key interest rate by a quarter-point Wednesday, signaling concern about the strength of the nation’s labor market while reaffirming its goal of lowering inflation.

The central bank reduced the benchmark rate to a range of 4% to 4.25% from 4.25% to 4.5%. Fed officials also projected two more cuts before the end of the year.

“My colleagues and I remain squarely focused on achieving our dual mandate goals of maximum employment and stable prices for the benefit of the American people,” Fed Chair Jerome Powell said.

For borrowers, the move could mean lower costs for loans, credit cards and other financial products. But not everyone will benefit equally, according to David Young, a CPA with Young and Company.

“It will impact almost everybo

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