Watch & Listen in 60 Seconds

60-Second Summary

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.

About this summary

This 60-second summary was prepared by the JQJO editorial team after reviewing 1 original report from AP News.