On Wednesday, the US Federal Reserve reduced its key interest rate by 25 basis points, responding to a cooling labor market.
The federal funds rate was cut to 4-4.25 percent, marking the first reduction since last December.
A quarter-point cut had been widely anticipated as job market indicators softened over the summer.
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Concerns about the Fed’s independence have lessened, with economic adviser Stephen Miran becoming a Fed Governor on Tuesday, and an appeals court rejecting President Donald Trump’s effort to remove Governor Lisa Cook.
