Fed cuts its key interest rate by quarter-point

The Federal Reserve on Thursday cut its key interest rate by a quarter-point, as high inflation continues to cool.

The rate cut follows a half-point reduction in September.

The most recent cut reflects the Fed’s renewed focus on supporting the job market and inflation, which is now near the central bank's target 2%, according to the Associated Press.

 The Fed announced the cut at the end of a meeting and said “unemployment rate has moved up but remains low,” while inflation has fallen closer to the central bank’s target but “remains somewhat elevated," the wire service also reports.