Fed cuts rates, notes labor market easing and solid economic growth
Federal Reserve cut interest rates by a quarter of a percentage point on Thursday as policymakers took note of a job market that has «generally eased» while inflation continues to move towards the U.S. central bank's 2% target.
«Economic activity has continued to expand at a solid pace,» the central bank's rate-setting Federal Open Market Committee said at the end of a two-day policy meeting in which officials lowered the benchmark overnight interest rate to the 4.50%-4.75% range, as widely expected. The decision was unanimous.
But where the Fed's previous policy statement noted slowing monthly job gains, the new one referred to the labor market more broadly.
Even while the unemployment rate remains low, «labor market conditions have generally eased,» the statement said.
Risks to the job market and inflation were «roughly in balance,» the Fed said, repeating language from the statement released after its September meeting.
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