The Federal Reserve reduced its interest rate benchmark by a quarter-point for a second time this year on Wednesday, bringing the short-term borrowing rate to a range of 3.75 percent to four percent.
“Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up but remained low through August; more recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated,” the Fed said in a statement at the conclusion of its two-day policy meeting.
The rate cut extends the central…
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