Fed Cuts Rates for Second Time this Year

The Federal Open Market Committee (FOMC) ended its two-day monetary-policy setting meeting with a 25 basis point rate cut, the second of the year.

In its decision, the committee cited "implications of global developments for the economic outlook as well as muted inflation pressures" as the reasoning behind its rate cut. It also noted solid job growth, low unemployment, and rising household spending; however, business investments and exports have weakened.

The FOMC will next meet Oct. 29-30.