The Federal Reserve on Wednesday, Sept. 17, trimmed the benchmark interest rate by a quarter point to a range between 4% and 4.25%, citing weakness in the job market and forecasting two more quarter-point cuts this year.
In a median projection, Fed officials estimated that they will reduce the federal funds rate to 3.6% by the end of 2025, or 0.3 percentage point lower than their June projection.
Fed officials marked up their forecast for economic growth this year to 1.6% from 1.4% in June, while leaving their end-of-year projections for unemployment and inflation unchanged. Read more.