The Federal Reserve cut interest rates for the second straight meeting on Oct. 29 as policymakers take a cautious approach to easing monetary policy.
Officials voted to lower the benchmark federal funds rate—a key rate that influences borrowing costs for consumers and businesses—by a quarter point to a new target range of 3.75 percent to 4.00 percent.
Prior to the meeting, investors had penciled in a 98 percent chance of a 25-basis-point reduction, according to the CME FedWatch Tool.
U.S. stocks had also rallied heading into the October Federal Open Market Committee meeting, with the leading benchmark averages reaching record highs.
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