The Federal Open Market Committee announced today that it would lower the target range for the federal funds rate by 25 basis points to 4.5%-4.75%. All 12 FOMC members voted for the cut. The FOMC cut the target range by 50 basis points during its previous meeting in September.
“Recent indicators suggest that economic activity has continued to expand at a solid pace,” the FOMC said in a statement. “Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the committee’s 2% objective but remains somewhat elevated.”
ADVERTISEMENT
