The United States Federal Reserve has cut interest rates by a quarter of a percentage point, marking the last rate cut of the year.

On Wednesday, the Federal Reserve cut its benchmark interest rate by 25 basis points to 3.50 – 3.75 percent as US job growth has appeared to stall.

“Job gains have slowed this year, and the unemployment rate has edged up through September. More recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated,” the central bank said in a statement.

The cut was widely expected with an 89 percent probability of a rate cut, according to the CME Fed Watch, a tracker which monitors the likelihood of monetary policy decisions.

The decision came as the central bank faced gaps in many sets of

See Full Page