Federal Reserve officials cut the federal funds rate, or the borrowing rate that banks charge each other, by 25 basis points or 0.25% on Wednesday.
The central bank’s rate-setting committee, the Federal Open Market Committee (FOMC), announced Wednesday that the target range for the federal funds rate was now 4.25% to 4.5%.
Federal Reserve chair Jerome Powell said at a news conference following the decision that the move to cut rates this month was a “closer call” than previous cuts but ultimately the “right call.” He said the FOMC was balancing between two risks: undermining economic activity in the labor market and undercutting progress on inflation.
Related: Here’s What the CPI
→ Continue reading at Entrepreneur