The U.S. central bank reduced rates by 25 basis points for a third consecutive meeting, as Chair Powell noted persistent inflation and easing job growth.
The Federal Reserve reduced its benchmark interest rate by 25 basis points to a range of 3.50%-3.75%, marking its third consecutive cut and totaling 75 basis points in reductions this year. Chair Jerome Powell attributed the decision to cooling labor markets and ongoing inflation concerns. Following the announcement, Bitcoin briefly surged above $94,000 before retreating.