Fed Vice Chair Backed 175 Basis-Point Cuts Since Mid-2024

175 basis points, 1.75 percentage points. That's how much the Fed's policy rate target fell since mid-2024, Vice Chair Jefferson said Feb. 6, 2026 he backed those FOMC cuts. A basis point is 0.01%. Lower overnight rates can ease borrowing costs, but banks and markets decide what savers and borrowers actually feel.