On Wednesday, the Federal Reserve’s Federal Open Market Committee (FOMC) voted 11–1 to cut interest rates by 0.25% to 4%–4.25%, their first rate cut in nine months. The central bank’s policymakers cited the weakening labor market as the basis for the cut but noted that they are still concerned about potential inflation. However, the committee signaled that they are likely to approve two more rate cuts this year.
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