Washington, DC [US], December 11 (ANI): The United States Federal Reserve cut its benchmark interest rate by 0.25 percentage points, bringing the federal funds rate to its lowest level in more than three years, CBS News reported.

The new target range now stands between 3.5 per cent and 3.75 per cent, down from 3.75 per cent to 4 per cent.

This marks the Fed's third consecutive rate cut since September, reducing the rate by a total of 0.75 percentage points this year.

CBS News noted that although key government economic data has been delayed due to the recent US government shutdown, the Fed has been closely tracking weakening job growth and persistent inflation.

Data from ADP showed employers shed 32,000 jobs in November, signalling further pressure on the labour market.

In its accom

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