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The Federal Reserve announced the first interest rate cut in four years at its September policy meeting amid progress in slowing down the pace of inflation toward its 2% goal.

Here's what to know about CDs and high-yield savings accounts following the Fed's first interest-rate cut in four years.

The Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.

Fed meeting is highly anticipated. It is expected to bring about the first rate cut after a series of hikes and pauses.