At our meeting earlier this week, the Federal Open Market Committee (FOMC) lowered the target range for the federal funds rate by 1/4 percentage point, bringing the range to 1-1/2 to 1-3/4 percent—the third such reduction this year.
8 As Chair Powell noted in his press conference, the Committee took these actions to help keep the U.S. economy strong in the face of global developments and to provide some insurance against ongoing risks. The policy adjustments we have made since last year are providing—and will continue to provide—meaningful support to the economy.