(AURN News) — For the second time this year, the Federal Reserve cut interest rates by a quarter of a percentage point, to a range of 3.75% to 4%.
In an official statement, the Fed said the slowing job market and rising unemployment rate signal troubling news for the economy. The statement also noted that inflation remains elevated.
“The committee seeks to achieve maximum employment and inflation at a rate of 2% over the longer run. Uncertainty about the economic outlook remains elevated,” the statement said.
“The committee remains attentive to risks on both sides of its dual mandate and judges that downside risks to employment have increased in recent months,” it continued.
While emphasizing its commitment to the 2% inflation target, the Fed said it will continue to monitor the labor market, inflation pressures and expectations, and international and financial developments.
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