Federal Reserve cuts interest rates by 0.25 percentage points

WASHINGTON (WAM)

The Federal Reserve on Wednesday announced its third consecutive interest rate cut of 2024, reducing its benchmark rate by 0.25 percentage points amid cooling inflation.

"Economic activity has continued to expand at a solid pace" with an unemployment rate that "remains low" and inflation that "remains somewhat elevated," the central bank's rate-setting Federal Open Market Committee said in its latest policy statement.