Washington: The US Federal Reserve has reduced interest rates by 25 basis points.
In a statement released today, the Fed explained that the Federal Open Market Committee, which sets interest rates, decided at the end of its two-day policy meeting to lower the overnight benchmark interest rate to a range of 4.50 percent to 4.75 percent, noting that economic activity continues to expand at a strong pace.
The statement added that policymakers pointed to a calming in labor market conditions, while inflation remains on its path toward the target level of 2 percent.
