Houston, Oct 29 (Argus) — Representatives of the US Federal Reserve System lowered their target interest rate by a quarter of a point today, marking the second decrease in a year, noting that employment growth has slowed and inflation remains "somewhat elevated." The Federal Open Market Committee (FOMC) on Wednesday cut the federal funds rate to 3.75-4%, after the first cut in early September, also by a quarter point, after the latest and revised employment data showed that the labor market is weakening rapidly. In September, the Fed planned two more quarter percentage point cuts this year and only one next year. "Job growth has slowed this year, and the unemployment rate has risen but remained low throughout August," the FOMC said in a statement after the meeting. "Inflation has increased since the beginning of the year and remains somewhat overestimated." Author: Bob Willis Send comments and request additional information at feedback@argusmedia.com Copyright © 2025. Argus Media group. All rights reserved.
Today, representatives of the US Federal Reserve lowered the target interest rate by a quarter of a point, which was the second decrease in a year, noting that job growth has slowed and inflation remains "somewhat elevated."
The Federal Open Market Committee (FOMC) on Wednesday cut the interest rate. The federal funds rate rose to 3.75-4% after its first cut in early September, also by a quarter point, after the latest and revised employment data showed that the labor market is weakening rapidly.
In September, the Fed planned two more quarter percentage point cuts this year and only one next year.
"Job growth has slowed this year, and the unemployment rate has risen slightly, but remained low throughout August," the FOMC said after its meeting. "Inflation has increased since the beginning of the year and remains somewhat elevated."
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