Today's Edition
WASHINGTON (AFP)
The US Federal Reserve shrugged off political uncertainty in Washington and moved ahead with a quarter-point rate cut Thursday, easing monetary policy further as inflation continues to cool.
Policymakers voted unanimously to lower the central bank's key lending rate to between 4.50 percent and 4.75 percent, the Fed announced in a statement.
"Labor market conditions have generally eased" since earlier in the year, the Fed said, noting ongoing progress to bring inflation down toward the bank's long-term target of two percent.
The rate cut builds on the Fed's action in September, when it kicked off its easing cycle with a large reduction of half a percentage-point and pencilled in additional cuts for this year.
The Fed's favoured inflation gauge eased to 2.1 percent in September, while economic growth has remained robust.
The labour market has also stayed strong overall, despite a sharp hiring slowdown last month attributed in large part to adverse weather conditions and a labour strike.
Fed Chair Jerome Powell faces questions from reporters Thursday and is expected to be quizzed about the economic impact of Republican Donald Trump's victory in the US presidential race.
