The Federal Reserve (US central bank) cut interest rates for the second time in a row in 2024, by 25 basis points to range between 4.5 and 4.75%, in line with expectations.
The Fed's approval reflects a move at a less aggressive pace than before but as its efforts to correct monetary policy continue. It also comes after Donald Trump's victory in the presidential election.
The MPC revealed that labor market conditions are improving, and while "inflation has made progress in returning to the 2% target, it remains high."
