The US Federal Reserve’s Federal Open Market Committee (FOMC), led by Fed Chair Jerome Powell on Wednesday cut the key rate by 25 basis points. The rate now stands between 3.5 percent and 3.75 percent, the lowest level in nearly three years. "In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 3-1/2 to 3-3/4 percent," said the Fed release. "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 through September. More recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated," it

See Full Page