Fed cuts interest rates for second time this year amid labor market weakness

The Federal Reserve on Wednesday announced its second interest rate cut of this year as policymakers moved to support the labor market despite inflation remaining above the central bank's target.Fed policymakers voted to lower the benchmark federal funds rate by 25 basis points to a new range of 3.75% to 4%. The move follows a rate cut of that size in September, which was the first reduction this year.Policymakers have been monitoring economic data, which has shown a slowdown in the labor market in recent months as businesses grapple with changes in trade and immigration. Meanwhile, inflation