Summary of Federal Reserve news: The existing indicators show that economic activities in the U.S. are growing at a moderate pace. Job growth has slowed this year, and the unemployment rate has slightly increased but remains low. Inflation has risen compared to the beginning of the year and is at a relatively high level. The Federal Open Market Committee (FOMC) has announced its goal of achieving maximum employment and a long-term inflation rate of 2%. Given the increased uncertainty in the economic outlook and rising negative risks for employment, the committee decided to reduce the federal funds target rate by 0.25% to a range of 3.75% to 4%. It was also decided that starting from December 1, the program for reducing the Federal Reserve's securities assets will be halted. The committee emphasized that to achieve its goals (maximum employment and 2% inflation), it will closely monitor economic developments, the labor market, inflation, and financial and international conditions, and will adjust monetary policies if new risks arise. In the voting: The majority of members, including Jerome Powell (Chair), John Williams (Vice Chair), and several other members, voted in favor of this rate cut. Two members opposed: Stephen Miran, who called for a larger reduction (0.5%). Jeffrey Schmid, who called for no change in the interest rate.
