The Federal Reserve on Wednesday cut interest rates by 25 basis points – or 0.25% to 4%.
The vote was 10-2.
This is the second interest rate cut this year. Last month the Fed reduced interest rates by 25 basis points.
CNBC reported:
The Federal Reserve policymakers announced a quarter percentage point, or 25 basis point, cut to its overnight lending rate on Wednesday, bringing the benchmark rate to a targeted range of between 3.75% to 4%. The vote was 10-2.
In addition to the rate move, the Fed announced that it would be ending the reduction of its asset purchases – a process known as quantitative tightening – on Dec 1.
Policymakers are being challenged by a lack of economic data as a federal government shutdown has halted the collection of key reports on employment and inflation.
During Fed Chair Jerome Powell’s news conference, he cautioned that another rate cut in December was “not a foregone conclusion.”
Federal Reserve Chairman Jerome Powell spoke after the rate cut.
Powell said the Fed is monitoring layoffs very carefully.
WATCH:
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