Fed Cuts Interest Rates for 2nd Time This Year Amid Hiring Slowdown
The Federal Reserve cut its benchmark interest rate by a quarter of a percentage point on Wednesday.
In recent months, inflation has picked up while hiring has slowed. This move is the second interest rate cut this year, aiming to jumpstart the labor market.
The decision was widely expected and follows President Donald Trump's call for lower interest rates, although the cut is not as large as he had requested.
The size of the cut falls short of the major drawdown called for repeatedly by the president.
The Fed's move comes amid a government shutdown that threatens to cool economic activity and restricts the release of key federal data.
A recent inflation report showed accelerating price increases, which may complicate the Fed's efforts to revive the labor market.
Author's summary: Fed cuts interest rates to boost labor market.
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