Federal Reserve cuts benchmark interest rate

WEEK IN REVIEW

The Federal Reserve cut its benchmark interest rate Wednesday by an unusually large half-point, a dramatic shift after more than two years of high rates that helped tame inflation but also made borrowing painfully expensive for American consumers.

The rate cut, the Fed's first in more than four years, reflects its new focus on bolstering the job market. The Fed's move also has the potential to scramble the economic landscape just as Americans prepare to vote.

Meanwhile, mortgage buyer Freddie Mac said Thursday the average rate on a 30-year mortgage in the U.S. fell to 6.09% from 6.20% last week.

STOPGAP FUNDING: The House on Wednesday rejected Speaker Mike Johnson's proposal that would have linked temporary funding for the federal government to a mandate that states require proof of citizenship when people register to vote. The vote was 220-202.

SPACEX: A billionaire spacewalker returned to Earth with his crew last Sunday, ending a five-day trip that lifted them higher than anyone has traveled since NASA's moonwalkers. The capsule carrying tech entrepreneur Jared Isaacman, two SpaceX engineers and a former Air Force Thunderbird pilot splashed down in the Gulf of Mexico.

SEVERE WEATHER: Parts of North Carolina were hit by a massive storm this past week that left one man dead and caused extreme flooding. Carolina Beach, in New Hanover County, recorded more than 18 inches of rain in 12 hours and almost 21 inches overall. Ocean Isle Beach, a little over 30 miles from Carolina Beach, picked up less than 4 inches of rain.