(The Center Square) – The U.S. Federal Reserve Board on Wednesday announced a slight cut to the federal funds rate, the first cut since March of 2020, when rates were near 0%. The Fed announced a cut of 50 basis points, or half a percentage point, as economists and the market closely watched the news, making the new federal funds range 4.75-5%. “Recent indicators suggest that economic activity has continued to expand at a solid pace,” the board said in a statement. “Job gains have slowed, and the unemployment rate has moved up but remains low. Inflation has made further progress toward the Com…