The Federal Reserve said Wednesday it would cut its benchmark interest rate by 0.50 percentage points, marking the first cut in four years and moving to ease borrowing costs as inflation-weary consumers struggle with higher rates on everything from mortgages to credit cards. In a press conference to discuss the rate cut, Fed Chairman Jerome Powell said the rate hike would be based on the Fed’s confidence that inflation will soon reach policymakers’ target of 2% annual rate, as well as cooling employment. With many analysts expecting the Fed to cut its benchmark rate as well, economists predict Wednesday’s rate cut will be the first of cuts this year and into 2025, according to FactSet.