Fed cuts interest rates by quarter point as economic expansion continues at solid pace

Nov. 7 (UPI) -- The Federal Reserve Thursday lowered interest rates for the second time this year, cutting the federal lending rate by a quarter point, or 0.25%. That brings the lending rate range to 4.50-4.75%.

In a statement Thursday, the Fed said, "Recent indicators suggest that economic activity has continued to expand at a solid pace. Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the committee's 2 percent objective but remains somewhat elevated."

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