
The Federal Reserve is making a rate cut decision on Thursday. Here's the impact on your money.
CBSN
The Federal Reserve on Thursday is expected to cut interest rates for the second time this year, with the decision coming less than two months after its surprise jumbo cut in September.
The Fed is expected to shave borrowing costs by 0.25 percentage points, or half the size of its September reduction, according to forecasts from economists polled by FactSet. That would bring the federal funds rate — the interest rate banks charge each other for borrowing money — down to a range of 4.5% to 4.75% from its current 4.75% to 5% level.
With the Federal Reserve's preferred inflation measure dropping to 2.1% last month, just shy of the Fed's 2% goal, the central bank is easing off the brakes it applied when inflation hit a 40-year high during the pandemic. High borrowing costs have made it more expensive to buy everything from homes to cars.

Washington — Probationary workers were among the first victims of President Trump's second-term efforts to downsize the federal government. Mass firings across the federal government targeted thousands of them, but legal challenges over their termination have left them in an uneasy employment limbo after a pair of court rulings that cover employees at 20 agencies.

Books on the Holocaust, histories of feminism, civil rights and racism, and Maya Angelou's famous autobiography, "I Know Why the Caged Bird Sings," were among the nearly 400 volumes removed from the U.S. Naval Academy's library this week after Defense Secretary Pete Hegseth's office ordered the school to get rid of ones that promote diversity, equity and inclusion.

Elon Musk and the Department of Government Efficiency say they're using their access to the Social Security Administration data not only to investigate claims of waste and fraud, but also to examine claims that immigrants are abusing the system — even though undocumented immigrants contribute more to Social Security than they take.