The Federal Reserve has lowered its benchmark interest rate by half a percentage point — the Fed’s first rate cut since March 2020. Progressive economists and labor leaders praised the Fed’s move but said it came far too late for many households. The AFL-CIO said in a statement, “Interest rates are still too high. There is still more to be done for families struggling to pay their bills.”

Last week, the U.S. Census Bureau reported the child poverty rate has more than doubled since Congress allowed expanded pandemic benefits to expire, including the child tax credit, leaving millions of families with less money for essentials like rent and food.