From CNBC.com: The Federal Reserve on Wednesday approved its second straight interest rate cut, a widely expected move that came despite little recent visibility on the economy due to the government shutdown.
In addition to the rate move, the Fed announced that it would be ending the reduction of its asset purchases – a process known as quantitative tightening – on Dec 1. By a 10-2 vote, the central bank’s Federal Open Market Committee lowered its benchmark overnight borrowing rate to a range of 3.75%-4%.
Governor Stephen Miran again cast a dissenting vote, preferring the Fed move more quickly with a half-point cut. St. Louis Fed President Jeffrey Schmid joined Miran in dissenting but for the opposite reason – he preferred the Fed not cut at all.
The rate also sets a benchmark for a variety of consumer products such as auto loans, mortgages and credit cards. The reduction came even though the Fed essentially has been flying blind lately on economic data.
Due to the government shutdown, the report explains that most all data collection and reports have been suspended, meaning such key measures as nonfarm payrolls, retail sales and a plethora of other macro data is unavailable.
Federal Reserve issues #FOMC statement: https://t.co/PN2waoTZrP
— Federal Reserve (@federalreserve) October 29, 2025
BREAKING from TRUE NEWS: The Federal Reserve approved its second consecutive interest rate cut. The Federal Open Market Committee lowered the benchmark rate to 3.75%–4%.
— Dennis Michael Lynch (@TrustDML) October 29, 2025
Federal Reserve Chairman Jerome Powell is expected to deliver remarks at a news conference shortly. Watch below:
The Federal Reserve on Wednesday approved its second straight interest rate cut, a widely expected move that came despite little recent visibility on the economy due to the government shutdown. https://t.co/QnGBpR0wvf pic.twitter.com/eKEDyQkC9C
— CNBC (@CNBC) October 29, 2025
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