The Federal Reserve approved a quarter-point interest rate cut on Wednesday, the third consecutive interest rate reduction since the Fed resumed easing monetary policy in September.
The move brings the Fed’s benchmark rate down to a range of 3.50 to 3.75 percent. The Fed also announced a reduction in the interest paid to banks on reserves to 3.65 percent.
“Available indicators suggest that economic activity has been expanding at a moderate pace,” the Fed said in a statement released announcing the cut. “Job gains have slowed this year, and the unemployment rate has edged up through September. More recent indicators are consistent with these…
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