US Federal Reserve cuts rate by 25 bps: Jerome Powell-led FOMC says economic outlook uncertainty elevated; December cut ‘not a foregone conclusion’

US Federal Reserve Chairman Jerome Powell-led Federal Open Market Committee (FOMC) on Wednesday cut the key benchmark rate by 25 basis points, bringing it down to the 3.75-4.00 per cent range. According to the FOMC statement, "uncertainty about the economic outlook remains elevated." “Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up but remained low through August; more recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated,” it said. “In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook,