The last rate cut by the US Federal Reserve occurred in December 2024, when the Fed trimmed interest rates by 50 basis points. Since then, rates remained steady in the range of 4.25% to 4.5% until the Federal Open Market Committee (FOMC) meeting in mid-September 2025, expected to deliver the first rate cut of the year on September 17, 2025, likely by 25 basis points (0.25%).
Thus, the last actual rate cut as of now was in December 2024. The September 2025 rate cut is anticipated but the official announcement was scheduled for September 17, 2025.