Dan Byrne and Alexander Isak ended a 70-year wait by taking Newcastle to the League Cup final where they beat Liverpool.
Local hero Bern put the Magpies ahead late in the first half and Isak's 23rd goal of the season, seven minutes after the restart, secured the team's first domestic trophy since 1955, despite a late goal from substitute Federico Chiesa.
Newcastle, whose last triumph dates back to the 1969 Fairs Cup, earned a deserved 2-1 win at Wembley Stadium on a day when 10-time winners Liverpool looked exhausted after the physical and emotional pressure of their midweek Champions League exit to Paris Saint-Germain.
Eddie Howe's men took full advantage in front of a crowd of 88,513, becoming the first English manager to win the domestic trophy since Harry Redknapp in 2008.
Sandro Tonali's right-footed effort went wide of Caoimhin Kelleher's left post after Harvey Barnes had shot for the suspended Anthony Gordon and Isak made a move to pass, with Ibrahima Konate forced to intercept Murphy's cross two minutes later with Isak breathing down his neck.
Kelleher kept out Bruno Guimaraes' close-range effort after Byrne headed in a corner, Konate made a vital interception to deny Isak a breakthrough and Andy Robertson needed two blocks to stop first Isak and then Kieran Trippier.
Nick Pope had to run off his line to prevent Luis Diaz from connecting with Mohamed Salah's pass on 37 minutes, but the first goal came at the other end of the pitch as the first half approached injury time, when an unmarked Byrne headed home a powerful header from Trippier's corner. He received his first England call-up earlier this week, aged 32.
Diogo Jota fired wide from Dias's effort as the whistle approached but Newcastle went into the break with the advantage.
It took a superb tackle from Joelinton to stop Diaz just outside Jota's area after Virgil van Dijk had broken forward and passed to him.
Isak found the back of the net in the 51st minute, albeit from an offside position after Liverpool once again failed to deal with Trippier's corner. However, he repeated the feat in good faith moments later when Murphy deflected Tino Livramento's cross back across goal, happily beating Kelleher.
Arne Slot replaced Konate and Jota with Curtis Jones and Darwin Nunez in an attempt to get his team back into the game, and Jones might have done so within two minutes of coming on if not for a stunning reaction from Pope.
Kelleher also had to show equal fortitude to keep out Isak's close-range effort from Barnes in an increasingly open game and, although Chiesa pulled one back in injury time, the Magpies held on to beat the Reds for the first time in 18 attempts.
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