FOMC lowers interest rates by 25 basis points

The Federal Open Market Committee (FOMC) announced a 25 basis point reduction in the target range for the federal funds rate, adjusting it to 4.5%-4.75%. The decision was unanimously supported by all 12 FOMC members. In its previous meeting in September, the committee had lowered the target range by 50 basis points.

See the FOMC’s statement on the rate cut here.