Federal Reserve lowers interest rates for the first time after 2008 recession

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HONOLULU (KHON2) — The Federal Reserve has lowered interest rates for the first time since the Great Recession in 2008.

Policymakers voted 8-2 in favor of a small cut in the federal funds rate.

Interest rates, which affect the cost of borrowing for credit cards and mortgages, are now set to hover between two percent and 2.25 percent.

In a statement, policymakers say they will “continue to monitor” incoming data and will act as needed to support the economy.

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