WASHINGTON —

The Federal Reserve announced a quarter-percent cut in interest rates today, causing a surge in the stock market, as the Central Bank's chairman cited concerns about the labor market.

Federal Reserve Chairman Jerome Powell said, "We see the revisions and we see the new numbers, and I don't want to put too much emphasis on, on payroll job creation. But it's just one of the things that suggests that the labor market is really cooling off." Advertisement

Experts caution that the effects of the rate cut on credit cards, car loans, and home loans will not be immediate. The Federal Reserve primarily influences short-term lending between banks, and changes take time to impact the broader economy. Powell himself acknowledged that a single rate cut does not significantly alter

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