The effects could ripple out well beyond those who lost jobs at the sprawling plant in Jarratt, a once-bustling railroad town about 60 miles south of Richmond.

The central bank is acting because, after 11 rate hikes since March 2022, it feels confident that inflation is finally mild enough that it can begin to ease the cost of borrowing.

The rate cut, the Fed’s first in more than four years, reflects its new focus on bolstering the job market, which has shown clear signs of slowing.