Following its latest Federal Open Markets Committee (FOMC) meeting on Nov. 7, the U.S. Federal Reserve lowered its benchmark interest rate by another quarter point, citing continued indicators of solid economic expansion.
It puts the central bank’s borrowing rate at 4.5% to 4.75%. While the cut is half the size of the one issued in September, it shows further confidence that the 40-year high inflation that peaked in mid-2022 has been curtailed without stifling the U.S. job market.
“Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low,” the Fed’s FOMC statement said. “Inflation has made progress toward the committee’s 2% objective but remains somewhat elevated.”
The Fed’s next FOMC meeting is set for Dec. 17-18, at which another rate cut is widely expected.
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