WASHINGTON — The Federal Reserve cut its benchmark interest rate by a quarter point Wednesday, its third consecutive reduction, while also expressing concern about the state of the economy.

“Available indicators suggest that economic activity has been expanding at a moderate pace,” the Fed said in a statement. “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 Fed’s rate-setting committee added that “Uncertainty about the economic outlook remains elevated” and “downside risks to employment rose in recent months,” indications that the panel may need to see improvements if it is going to cut the rate aga

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