Jason Myers hits 31-yard field goal to lift Seahawks to a 23-20 overtime win over Patriots

FOXBOROUGH, Mass. (AP) — Jason Myers hit a 31-yard field goal in overtime to lift the Seattle Seahawks to a 23-20 win over the New England Patriots on Sunday.

The game-winner capped a three-for-three day for Myers, who ensured the game went into OT with a 38-yard field goal with less than a minute left in regulation. Myers also hit from 44 yards in the second quarter.

“Just sticking to my routine. That’s my goal on every kick, whether it’s the first kick of the game or the game winner. It’s about trying to stay the same,” Myers said. “Coming across the East Coast is never easy for anybody but grinding it out and getting a ‘W’ in the NFL is hard.”

Seahawks quarterback Geno Smith led Seattle on an eight-play, 71-yard drive to the New England 13 to set up the winning score. Smith was 33 of 44 for 327 yards on the day, with a 56-yard touchdown to DK Metcalf in the first half.

“He put the team on his back,” Metcalf said of Smith, a two-time Pro Bowl selection.

Metcalf finished with 10 catches for 129 yards.

The Seahawks (2-0) also got a 100-yard receiving game from Jaxon Smith-Njigba (12 catches for 117 yards).

“I want to see the run game lead us just as much as I want to go out there and throw a bunch of touchdowns. However we can get a win, whatever we’ve got to do, I’m just reading the defense and trying to make the right plays,” Smith said.

New England (1-1) won the coin toss heading into overtime but went three-and-out, with Rhamondre Stevenson getting stopped on third and 1.

Playing in their home opener under first-year head coach Jerod Mayo, the Patriots got 81 rushing yards and one touchdown from Stevenson and 96 rushing yards from Antonio Gibson. Quarterback Jacoby Brissett was 15-for-27 for 149 yards and one touchdown to rookie Ja’Lynn Polk.

The Seahawks kept their hopes for a win alive late in the game after Julian Love blocked a 48-yard field goal attempt that would have put the Patriots up by six with 3:59 left in regulation.

“Just heck of a play, but it’s something you practice all the time, and finally when you have the opportunity, it goes and executes it. That was big-time,” said Seahawks coach Mike Macdonald.

Smith subsequently found Metcalf for a pair of completions that got the Seahawks into the red zone. But New England got a stop on third and 1 on the 15-yard line. Seattle was flagged for a delay of game on fourth down and ultimately settled for the game-tying 38-yard field goal by Myers with 55 seconds remaining.

The Patriots marked the 10-year anniversary of their victory over Seattle in the 2015 Super Bowl by welcoming back former players for a halftime celebration. Before the game, Malcolm Butler served as the Keeper of the Light, ringing the bell where the stadium’s lighthouse feature is positioned. Butler sealed New England’s 28-24 Super Bowl win over the Seahawks with a goal line interception with less than a minute remaining.

Though they weren’t present, former players Rob Gronkowski, Julian Edelman and Devin McCourty sent video messages. Bill Belichick posted a message to his personal Instagram account, saying, “We all shared a magical ride together.”

Seahawks: LB Derick Hall was evaluated for a concussion but was cleared to return before the start of the second half.

Patriots: LB Ja’Whaun Bentley was knocked out of the game with a shoulder injury. … LB Oshane Ximines did not return after suffering a knee injury.

Seahawks: Host Miami on Sunday.

Patriots: Visit New York Jets on Thursday night.

AP NFL: https://apnews.com/hub/NFL

New England Patriots quarterback Jacoby Brissett (7) is brought down by Seattle Seahawks linebacker Boye Mafe, center, in the second half of an NFL football game, Sunday, Sept. 15, 2024, in Foxborough, Mass. (AP Photo/Michael Dwyer)

New England Patriots head coach Jerod Mayo adjusts his microphone in the second half of an NFL football game against the Seattle Seahawks, Sunday, Sept. 15, 2024, in Foxborough, Mass. (AP Photo/Michael Dwyer)

New England Patriots cornerback Christian Gonzalez, left, blocks a pass intended for Seattle Seahawks wide receiver DK Metcalf, right, in the second half of an NFL football game, Sunday, Sept. 15, 2024, in Foxborough, Mass. (AP Photo/Charles Krupa)

New England Patriots quarterback Jacoby Brissett, left, and Seattle Seahawks quarterback Geno Smith, greet one another in the center of the field following an NFL football game, Sunday, Sept. 15, 2024, in Foxborough, Mass. (AP Photo/Charles Krupa)

New England Patriots running back Rhamondre Stevenson, left, celebrates his touchdown in front of guard Nick Leverett, right, in the second half of an NFL football game against the Seattle Seahawks, Sunday, Sept. 15, 2024, in Foxborough, Mass. (AP Photo/Charles Krupa)

New England Patriots running back Antonio Gibson, right, is brought down by Seattle Seahawks safety Rayshawn Jenkins, left, in the second half of an NFL football game Sunday, Sept. 15, 2024, in Foxborough, Mass. (AP Photo/Michael Dwyer)

Seattle Seahawks quarterback Geno Smith (7) celebrates with running back Zach Charbonnet (26) after Charbonnet rushed for a touchdown in the first half of an NFL football game against the New England Patriots, Sunday, Sept. 15, 2024, in Foxborough, Mass. (AP Photo/Charles Krupa)

Seattle Seahawks quarterback Geno Smith (7) celebrates after running back Zach Charbonnet rushed for a touchdown in the first half of an NFL football game against the New England Patriots, Sunday, Sept. 15, 2024, in Foxborough, Mass. (AP Photo/Charles Krupa)

Seattle Seahawks place-kicker Jason Myers, center, boots the winning field goal in front of punter Michael Dickson, left, as New England Patriots safety Brenden Schooler, right, defends in overtime of an NFL football game, Sunday, Sept. 15, 2024, in Foxborough, Mass. (AP Photo/Michael Dwyer)

Seattle Seahawks place-kicker Jason Myers, center, celebrates with punter Michael Dickson, left, after Myers made the winning field goal in overtime of an NFL football game against the New England Patriots, Sunday, Sept. 15, 2024, in Foxborough, Mass. (AP Photo/Michael Dwyer)

WASHINGTON (AP) — The Federal Reserve on Wednesday cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates that helped tame inflation but also made borrowing painfully expensive for American consumers.

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. Coming just weeks before the presidential election, the Fed’s move also has the potential to scramble the economic landscape just as Americans prepare to vote.

The central bank’s action lowered its key rate to roughly 4.8%, down from a two-decade high of 5.3%, where it had stood for 14 months as it struggled to curb the worst inflation streak in four decades. Inflation has tumbled from a peak of 9.1% in mid-2022 to a three-year low of 2.5% in August, not far above the Fed’s 2% target.

The Fed’s policymakers also signaled that they expect to cut their key rate by an additional half-point in their final two meetings this year, in November and December. And they envision four more rate cuts in 2025 and two in 2026.

In a statement and in a news conference with Chair Jerome Powell, the Fed came closer than it has before to declaring victory over inflation.

“We know it is time to recalibrate our (interest rate) policy to something that’s more appropriate given the progress on inflation,” Powell said. "We’re not saying, ‘mission accomplished’ ... but I have to say, though, we’re encouraged by the progress that we have made.”

“The U.S. economy is in a good place," he added, "and our decision today is designed to keep it there.”

Though the central bank now believes inflation is largely defeated, many Americans remain upset with still-high prices for groceries, gas, rent and other necessities. Former President Donald Trump blames the Biden-Harris administration for sparking an inflationary surge. Vice President Kamala Harris, in turn, has charged that Trump’s promise to slap tariffs on all imports would raise prices for consumers even further.

Rate cuts by the Fed should, over time, lead to lower borrowing costs for mortgages, auto loans and credit cards, boosting Americans’ finances and supporting more spending and growth. Homeowners will be able to refinance mortgages at lower rates, saving on monthly payments, and even shift credit card debt to lower-cost personal loans or home equity lines. Businesses may also borrow and invest more. Average mortgage rates have already dropped to an 18-month low of 6.2%, according to Freddie Mac, spurring a jump in demand for refinancings.

“It’s a step in the right direction,” Laura Rosner-Warburton, senior economist of MarcoPolicy Perspectives, said of Wednesday's Fed move.

The additional rate cuts it indicated it will make, she said, will “prevent risks from building and the unemployment rate from rising. They are trying to keep the economy in good shape.”

In an updated set of projections, the policymakers collectively envision a faster drop in inflation than they did three months ago but also higher unemployment. They foresee their preferred inflation gauge falling to 2.3% by year’s end, from its current 2.5%, and to 2.1% by the end of 2025. And they now expect the unemployment rate to rise further this year, to 4.4%, from 4.2% now, and to remain there by the end of 2025. That’s above their previous forecasts of 4% for the end of this year and 4.2% for 2025.

Powell was pressed at his news conference about whether the Fed’s decision to cut its key rate by an unusually large half-point is an acknowledgement that it waited too long to begin reducing borrowing rates.

“We don’t think we’re behind,” he replied. “We think this is timely. But I think you can take this as a sign of our commitment not to get behind. We’re not seeing rising (unemployment) claims, not seeing rising layoffs, not hearing from companies that that’s something that’s going to happen.”

He added: “There is thinking that the time to support the labor market is when it’s strong and not when you begin to see the layoffs. We don’t think we need to see further loosening in labor market conditions to get inflation down to 2%.”

The Fed’s next policy meeting is Nov. 6-7 — immediately after the presidential election. By cutting rates this week, soon before the election, the Fed is risking attacks from Trump, who has argued that lowering rates now amounts to political interference. Yet Politico has reported that even some key Senate Republicans who were interviewed expressed support for a Fed rate cut this week.

Powell pushed back against any suggestion that the Fed shouldn't cut rates so close to an election.

“We’re not serving any politician, any political figure, any cause, any issue,” he said. "It’s just maximum employment and price stability on behalf of all Americans. And that’s how the other central banks are set up, too. It’s a good institutional arrangement, which has been good for the public, and I hope and strongly believe that it will continue.”

The Fed's move Wednesday reverses the inflation-fighting effort it engineered by raising its key rate 11 times in 2022 and 2023. Wage growth has since slowed, removing a potential source of inflationary pressure. And oil and gas prices are falling, a sign that inflation should continue to cool in the months ahead. Consumers are also pushing back against high prices, forcing such companies as Target and McDonald’s to dangle deals and discounts.

The Fed’s decision drew the first dissent from a member of its governing board since 2005. Michelle Bowman, a board member who has expressed concern in the past that inflation had not been fully defeated, said she would have preferred a quarter-point rate cut.

But the Fed's policymakers as a whole appear to recognize that after years of strong job growth, employers have slowed hiring, and the unemployment rate has risen nearly a full percentage point from its half-century low in April 2023 to a still-low 4.2%. Once unemployment rises that much, it tends to keep climbing.

At the same time, the officials and many economists have noted that the rise in unemployment this time largely reflects an influx of people seeking jobs — notably new immigrants and recent college graduates — rather than layoffs.

The Fed’s attention now is “preserving the health of the labor market and preventing unnecessary damage to the economy from a pretty restrictive (interest rate) stance,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.

AP Business Writers Alex Veiga in Los Angeles, Paul Wiseman in Washington and Stan Choe in New York contributed to this report.

Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Wednesday, Sept. 18, 2024. (AP Photo/Ben Curtis)

Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Wednesday, Sept. 18, 2024. (AP Photo/Ben Curtis)

Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Wednesday, Sept. 18, 2024. (AP Photo/Ben Curtis)

Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Wednesday, Sept. 18, 2024. (AP Photo/Ben Curtis)

Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Wednesday, Sept. 18, 2024. (AP Photo/Ben Curtis)

Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Wednesday, Sept. 18, 2024. (AP Photo/Ben Curtis)

Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Wednesday, Sept. 18, 2024. (AP Photo/Ben Curtis)

Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Wednesday, Sept. 18, 2024. (AP Photo/Ben Curtis)

Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Wednesday, Sept. 18, 2024. (AP Photo/Ben Curtis)

FILE - The seal of The Federal Reserve System is seen during a news conference by Federal Reserve Board Chairman Jerome Powell at the Federal Reserve Board Building on July 31, 2024, in Washington. (AP Photo/Jose Luis Magana, File)

FILE - Federal Reserve Chair Jerome Powell walks outside of the Jackson Hole Economic Symposium at Jackson Lake Lodge in Grand Teton National Park near Moran, Wyo., on Aug. 23, 2024. (AP Photo Amber Baesler, File)

FILE - The Federal Reserve is in Washington is shown on Nov. 16, 2020. (AP Photo/J. Scott Applewhite, File)

FILE - A detail of the Federal Reserve building in Washington is shown on Nov. 16, 2020. (AP Photo/J. Scott Applewhite, File)