The Federal Reserve decided to lower its target interest rate to the range of 2% to 2.25%, down from a range of 2.25% to 2.50%. It is the first rate cut since December 2008, at the beginning of the Great Recession. The move was spurred by concerns about a slowing global economy. The Fed’s rate is tied to most other consumer credit interest rates and will likely put downward pressure on long-term mortgage rates.