The Federal Reserve reduced its interest rate benchmark by a quarter-point for a second time this year on Wednesday, bringing the short-term borrowing rate to a range of 3.75 percent to four percent.

“Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up but remained low through August; more recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated,” the Fed said in a statement at the conclusion of its two-day policy meeting.

The rate cut extends the central bank’s effort to support the labor market after several months of slowing job growth. The decision was widely expected by investors and comes ami

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