WASHINGTON, Nov 7 - The Federal Reserve cut interest rates by a quarter of a percentage point on Thursday as policymakers took note of a job market that has"generally eased" while inflation continues to move towards the U.S. central bank's 2% target.
Even while the unemployment rate remains low,"labor market conditions have generally eased," the statement said. Treasury yields trimmed losses and the yield curve flattened after the release of the policy statement. U.S. stock markets maintained their gains and the dollar slightly pared losses but was still down on the day. Futures markets priced in another quarter-percentage-point rate cut at the Fed's final policy meeting of the year next month.
Trump, who defeated Democratic Vice President Kamala Harris in Tuesday's presidential election, campaigned on promises ranging from steep tariffs on imports to a crackdown on immigration that could have a broad and unpredictable impact on the economic landscape the Fed will navigate in coming months as officials try to keep inflation contained and close to the central bank's target.