"The Federal Reserve cut its benchmark interest rate by a quarter percentage point Wednesday, as policymakers work to shore up the softening job market. It was the Fed's second rate cut in six weeks, after holding rates steady for much of the year in an effort to curb stubborn inflation. Prices are still climbing faster than the central bank would like, but for now, policymakers are more concerned with preventing a big jump in unemployment."
"A number of prominent corporations have announced job cuts in recent days. Amazon announced plans to cut 14,000 corporate positions. (Amazon is a financial supporter of NPR and pays to distribute some of our content.) Target said last week it's cutting about 1000 corporate jobs and leaving another 800 jobs unfilled. And the federal government cut about 100,000 jobs in the first eight months of the year, with many more workers expected to drop off the federal payroll in October."
The Federal Reserve reduced its benchmark interest rate by 0.25 percentage point, the second cut in six weeks, to address a softening labor market. Policymakers had held rates steady much of the year to curb stubborn inflation, and prices remain above the central bank's preferred level. Recent job cuts include Amazon's plan to eliminate 14,000 corporate positions, Target cutting about 1,000 corporate jobs and leaving 800 unfilled, and roughly 100,000 federal jobs cut in the first eight months. The government shutdown has delayed economic data, complicating the Fed's assessment. The rate vote was split, with differing preferences among Fed officials, and a Labor Department report showed slightly milder September inflation, reinforcing a shift toward prioritizing employment.
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