[Regnum] The US Federal Reserve (FRS) cut its interest rate by 25 basis points to 3.75-4% per annum. The corresponding information was published on October 29 in the regulator's official press release.
The US regulator noted that economic activity is growing at a moderate pace. Job growth has slowed this year, and the unemployment rate has increased slightly, although it remained low as of August.
The Federal Reserve clarified that inflation in the US has increased since the beginning of the year and remains somewhat elevated. The regulator reaffirmed its firm commitment to ensuring maximum employment and returning inflation to the 2% target. However, the US Federal Reserve noted that uncertainty regarding the future economic outlook remains high.
In addition, the regulator announced its decision to complete the balance sheet reduction program on December 1.
On September 17, the Federal Reserve cut its interest rate to its target range of 4–4.25% per annum. Chairman of the Federal Reserve Board of Governors Jerome Powell also announced plans to cut 10% of the staff on the board and at all Federal Reserve banks.