Summary
The U.S. Federal Reserve has cut interest rates by 0.25 percentage points to boost the slowing job market, marking the third rate cut this year. The current rate range is between 3.50% and 3.75%, the lowest in three years, reflecting divisions among policymakers on how to balance growth and inflation concerns.
Key Facts
- The Federal Reserve cut its key interest rate by 0.25 percentage points.
- This is the third time this year the Fed has lowered rates.
- The new interest rate range is 3.50% to 3.75%, the lowest in three years.
- Divisions exist among Fed policymakers about the best course of action.
- Three Fed officials disagreed with the decision, wanting a different rate change.
- The U.S. unemployment rate increased slightly to 4.4% in September.
- Inflation was at 3% in September, above the Fed’s 2% target.
- President Trump is expected to announce a new Fed chair nominee soon.
