"Economic activity has been expanding at a moderate pace,"
"has moved up since earlier in the year and remains somewhat elevated."
"maximum employment and inflation at the rate of 2% over the longer run,"
"downside risks to employment rose in recent months,"
The Federal Reserve lowered its benchmark interest rate by 25 basis points to roughly 3.75–4.0%, the lowest level in three years and the second cut since President Trump's return. Markets had fully priced in the move. The FOMC noted economic activity is expanding at a moderate pace while job gains have slowed and unemployment has edged higher but remains low. Inflation has moved up since earlier in the year and remains somewhat elevated. The Fed seeks maximum employment and 2% inflation over the longer run, cited elevated uncertainty and rising downside risks to employment, and will end the reduction of its securities holdings on Dec. 1. Ten members voted for the cut and two dissented.
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