Arab Finance: The Federal Reserve has decided to lower its target range for the federal funds rate by 0.5 percentage points to 4.75% to 5% following recent economic data, as per the FOMC statement.

This decision comes as inflation continues to make progress towards the committee's 2% objective, although it remains slightly elevated.

Economic activity has been expanding steadily, but job gains have slowed and the unemployment rate, though low, has increased.

The committee remains focused on achieving maximum employment and maintaining inflation at 2% over the long term.

Despite increased confidence in achieving these goals, the economic outlook remains uncertain, prompting the Fed to adjust its policy stance cautiously.

In addition to the rate cut, the committee will continue to reduce its holdings of treasury securities, agency debt, and agency mortgage-backed securities.

The Fed added that it is committed to supporting maximum employment while steering inflation towards its target.

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