The Federal Reserve’s Federal Open Market Committee (FOMC) voted 10-2 on Wednesday to lower interest rates by a quarter percentage point, reducing the federal funds target range to 3.75%-4.00%.

Fed Chair Jerome Powell described the rate cut as a “solid” step to support a gradually cooling labor market amid economic uncertainty.

What he’s saying: Powell emphasized the ongoing government shutdown hampers access to official economic data, complicating decision-making and likened the situation to “driving in the fog,” recommending caution. • He noted that a further rate cut in December is “not a foregone conclusion” and that monetary policy is “not on a preset course,” signaling a possible pause after this latest easing. • The rate is now about 150 basis points below its peak level in 20

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