Washington: The US Federal Reserve announced a reduction in the target range for the federal funds rate by a quarter percentage point, bringing it down to 3-3/4 to 4 percent.
According to Kuwait News Agency, the Federal Reserve Committee stated in a press release that it will continue to assess incoming data, the evolving economic outlook, and the balance of risks before considering further adjustments to the target range. The Committee also decided to conclude its reduction of aggregate securities holdings on December 1. The statement emphasized the Committee's strong commitment to supporting maximum employment and achieving its two-percent inflation objective.