The US Federal Reserve on Wednesday lowered its key benchmark rate by 25 basis points, as a cooling labor market prompted the US central bank to act.
The Fed lowered the federal funds rate to 4-4.25 percent, marking the first rate cut since December last year.
A quarter-point cut has been the prevailing expectation for weeks after readings of the job market turned decidedly soft as the summer progressed.
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Concerns about the central bank’s independence seem to have eased a little, with economic adviser Stephen Miran sworn in as a Fed Governor on Tuesday and an appeals court rejecting US President Donald Trump’s attempt to sack Governor Lisa Cook.
