Washington: The United States Federal Reserve’s Open Market Committee (FOMC) is expected to announce a 25 basis points rate cut on Wednesday. The Fed is holding its two-day policy meeting to discuss and announce the key benchmark interest rates for the US economy. The Fed is expected to reduce the lending rate to about 3.9 per cent.

The FOMC is headed by Chairman Jerome Powell-led FOMC. Reports suggest that the Federal Reserve will go ahead with its key interest rate cut and could also give a hint on another cut in December as the central bank seeks to bolster hiring.

If the Fed announces a rate cut, it would be the second in 2025 and could benefit consumers by bringing down borrowing costs for mortgages and auto loans.

Powell recently said the Fed chair has made clear that the sluggis

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