The Federal Reserve officially lowered its benchmark interest rate by 0.25% during its September meeting, a move that was aimed at boosting a stalling labor market.

The highly-anticipated rate cut, the bank's first in nine months, brought the target for its key lending rate down to a range of 4% to 4.25% — its lowest level since late 2022. And Federal Reserve Chair Jerome Powell signaled the potential for two more reductions this year, as well as another in 2026.

"You can think of this, in a way, as a risk management cut," Powell said at a Sept. 17 news conference.

The federal funds rate is an interest rate set by the Federal Open Market Committee that commercial banks in the U.S. charge one another to borrow money overnight or for a few days. While the benchmark doesn't directly impa

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