The Federal Reserve cut its key interest rate on Wednesday.

Big picture view:

The Fed stayed course on its expected cut despite missing government data clouding the view of the economy amid the shutdown.

The missing hiring and inflation data that has not been released during the shutdown raises risks for the Fed because the agency is widely expected to keep cutting rates in an effort to shore up growth and hiring.

What's next:

The third rate cut this year is expected in December.

Meanwhile:

Fed officials say they are monitoring a range of other data, including some issued by the private sector, and don't feel handicapped by the lack of government reports.

Why you should care:

A key rate cut could benefit consumers by bringing down borrowing costs for mortgages and auto loans.

For

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