The Globe and Mail reports in its Thursday, Sept. 19, edition that the U.S. Federal Reserve has cut interest rates by a half-percentage point, signalling more reductions ahead. The Globe's Mark Rendell writes that policy-makers at the Fed voted Wednesday to lower the benchmark federal funds rate to a range of 4.75 to 5 per cent. The Fed also published a new forecast showing it expects the policy rate to fall another half percentage point by the end of the year, and a further full percentage point next year. The move marks a turning point in the global fight against inflation. The Fed had kept its benchmark overnight rate at a 23-year high since last summer, standing pat while other central banks, including the Bank of Canada, started easing monetary policy. That was partly owing to the relative strength of the U.S. economy and stubbornness of inflation. Then came declining inflation and a softening in the U.S. labour market. Fed chairman Jerome Powell said Wednesday's oversized move was not prompted by concerns about economic weakness. High interest rates are no longer appropriate given the changing economic conditions, he said, and the Fed wanted to move decisively to start bringing them back to a more neutral level.