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The Federal Reserve cut its benchmark rate by a quarter point to about 3.9%, the second reduction this year, aiming to support growth and hiring amid still-elevated inflation. Chair Jerome Powell warned another cut in December is far from assured, citing a government shutdown that has stalled key data and sharp divisions among policymakers. Stocks slipped after his remarks. Two officials dissented — one favoring no change, another seeking a larger cut — and the Fed said it will halt the runoff of its securities holdings on Dec. 1, a shift that could modestly ease longer-term borrowing costs.

Prepared by Christopher Adams and reviewed by editorial team.