FOMC meeting: Jerome Powell-led US Fed cuts rate by 25 basis points; notes moderation in economic growth, job gains

The US Federal Reserve, led by Jerome Powell, has announced a 25 basis points rate cut, setting the federal funds rate to a range of 4 to 4-1/4 percent. This decision comes amidst concerns about moderating economic growth, slowing job gains, and persistent inflation slightly above the 2% target.