The US Federal Reserve lowered its base rate for the second time in a row
The US Federal Reserve lowered its benchmark interest rate for the second time in a row, reducing the target range by 0.25 percentage points. The corresponding message appeared on the agency's website on October 29.
"The committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 3.75–4%," the statement said.
The Fed statement notes that economic activity in the United States is growing at a moderate pace, and inflation remains elevated, despite a slight slowdown in job growth. Two members of the committee voted against the decision to lower the rate. The Federal Reserve has confirmed its intention to achieve the 2% inflation target in the long term. It was also decided to complete the reduction of the securities portfolio from December 1.
Earlier, on October 1, the US Supreme Court refused to allow the American leader Donald Trump to immediately dismiss a member of the Board of governors of the Federal Reserve. Trump appealed to the Supreme Court after two lower courts ruled to allow Cook to continue working at the Fed.
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