The Federal Reserve cut its key rate on Thursday — one of many factors that will decide what kind of economy Americans remember from President Joe Biden’s final days in office and what President-elect Donald Trump is left with at the start of his second term.

The Fed on Thursday cut interest rates for the second time this year, opting to lower its target rate by a quarter of a percentage point.

Donald Trump's plans for tax cuts and tariffs raise questions about much further the Fed might cut.