Federal Reserve Cuts Key Interest Rate by 0.25%
Federal Reserve issues FOMC statement
On Wednesday, the Federal Open Market Committee (FOMC) announced that it had lowered the target range for the federal funds rate by one-quarter percentage point to 3.75–4.00%.
In a statement, the FOMC said it made the decision “in support of its goals and in light of the shift in the balance of risks,” emphasizing that it remains “strongly committed to supporting maximum employment and returning inflation to its 2% objective.”
The Committee said it will carefully assess incoming data, the evolving outlook, and the balance of risks in considering further adjustments to the target range. It also announced plans to conclude the reduction of its aggregate securities holdings on December 1.
The FOMC noted that it will continue monitoring labor market conditions, inflation pressures and expectations, and financial and international developments, and would be prepared to adjust policy if new risks emerge that could impede progress toward its goals.
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