The United States Federal Reserve's Federal Open Market Committee (FOMC) revealed on Wednesday that it decided to lower the federal funds rate by 50 basis points to between 4.75% and 5%.
In the monetary policy statement, the Fed said that the economy continued to expand at a "solid pace," while reaffirming that the job gains have slowed down and the unemployment rate has remained low. Additionally, the central bank noted that inflation is gradually moving toward the 2% target level, but it is still "somewhat elevated."
The Committee reiterated that it will "carefully assess" the upcoming data in order to "be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals."
