The Hong Kong Monetary Authority (HKMA) on Thursday cut its base rate charged via the overnight discount window by 50 basis points to 5.25%, tracking a move by the U.S. Federal Reserve.

Hong Kong’s beleaguered real estate market looked set for some relief after the city cut its base interest rate for the first time since 2020, mirroring the Federal Reserve’s policy easing.Most Read from BloombergCalifornia’s Anti-Speeding Bill Can Be a Traffic Safety BreakthroughAOC Proposes $30 Billion Social Housing AuthorityNew York City’s Transit System Plans $65.

The Federal Reserve lowered its benchmark interest rate by a half percentage point Wednesday, an aggressive start to a policy shift aimed at bolstering the US labor market.

Hong Kong cut its base rate cut by 50 basis points for the first time in four years, kicking off a cycle that would help businesses and homeowners.

The U.S. Federal Reserve on Wednesday lowered its benchmark interest rate by half of a percentage point, the first cut in more than four years, in a major policy shift less than seven weeks away from the presidential election.