US Federal Reserve Lowers Key Rate
The US Federal Reserve announced its second consecutive quarter-point rate cut to bolster the flagging US labour market.
The central bank's key lending rate is now between 3.75% and 4.00%, following a 10-2 vote in favour of the cut.
Opposition to the cut came from Fed governor Stephen Miran, who advocated for a half-point cut, and Kansas City Fed president Jeff Schmid, who preferred no change.
"We continue to face two-sided risks,"
said Powell at a press conference in Washington.
Powell also noted that a December cut is not guaranteed.
Author's summary: Fed cuts key rate to support labour market.
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