Hello from CNN, I'm a Falma Dikay, with the five things you need to know for Wednesday, September

18.

The Federal Reserve has announced that it's cutting interest rates by a half point.

It's the first rate cut since the start of the COVID-19 pandemic

and the Central Banks fight against inflation.

The Fed decided to go big instead of a more gradual interest rate cut, paving the way for lower borrowing

costs on everything from mortgages to credit cards.

CNN's Matt Egan explains why.

They're not just worried about inflation, they're also worried about the jobs market they have two

goals and they're signaling that the risks there have become into better balance and that

looking forward the Fed is also projecting they're not done cutting interest rates yet.

They are penciling in another half a percentage point of interest rate cuts during the final two

meetings this year.

Also another full percentage point of interest rate cuts. this year.

This comes as the latest Commerce Department data shows consumer spending is holding up.

It's a crucial metric watched closely by Wall Street and the Fed. That's because

American spending accounts for about two-thirds of the U.S. economy, so if they pull back sharply,

that would spell trouble for the country's economic growth.

Dozens of walkie-talkies exploded across Lebanon today.

That's what a security source tells CNN.

At least nine people were killed at more than 300 injured according to the country's

health ministry. The latest explosions come almost a day after Israeli explosives

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