The US Federal Reserve has cut interest rates for the first time in more than four years – a significant political boost for the Harris campaign. 

Rates have gone down by 0.5% to about 4.8%, a far bigger rate than economists had predicted. 

Policymakers expect the rate to fall another 0.5% this year and go down to around 3% by the end of 2026. 

US Correspondent Richard Arnold told Mike Hosking that Donald Trump is complaining about the impact it will have for Harris’ campaign, calling the move by the Federal Reserve “sheer politics”. 

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