Fed cuts rates by 0.25 points on weaker job market

The Federal Reserve lowered its benchmark interest rate by 0.25 percentage points, marking its second cut this year. The new range is now between 3.75% and 4%. The Fed aims to stimulate economic growth amid a slowdown in hiring.

Although the Labor Department's jobs report is delayed, signs show a decline in labor demand. Economic experts expect additional rate cuts in the coming months. While the Fed battles inflation, which remains above its 2% target, the current job market weakness may lead to more easing. Inflation has decreased to an annual rate of 3% as of September.