Fed cuts rates by a quarter percentage point to a range of 3.75% - 4%

In support of our goals and in light of the balance of risks to employment and inflation, today the Federal Open Market Committee decided to lower our policy interest rate by a quarter percentage point. We also decided to conclude the reduction of our aggregate securities holdings as of December 1. I will have more to say about monetary policy after briefly reviewing economic developments.Available indicators suggest that economic activity has been expanding at a moderate pace. GDP rose at a 1.6% pace in th ...