Fed chair Jerome Powell delivers remarks after Fed lowers interest rate

The Federal Reserve on Dec. 10 announced a quarter-point rate cut to its benchmark federal funds rate, its third in a row, aimed at lowering borrowing costs for consumers.

The decision brings the Fed’s benchmark rate range down to 3.5% to 3.75%. Analysts widely expected the move after private-sector reports signaled further cooling in the labor market, and the Fed’s own Beige Book delivered a downbeat assessment of the economy in November.

“Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up through September,” the Fed said in a statement, adding somewhat elevated inflation remains on its radar.