Steve Rattner: Rising unemployment signals a softening job market

The Federal Reserve announced its first interest rate cut of the year yesterday after the central bank's highly anticipated two-day September policy meeting. The Fed lowered its benchmark rate by a quarter of a percentage point to a range of 4 to 4.25%. The 12 member board voted 11 to1 to cut rates and signal two more cuts are expected before the end of the year.Trump's newly appointed Fed Governor, Steven Myron, was the only dissenting vote. He was in favor of a larger halfpoint cut instead. Steve Ratner, ...