The Federal Reserve Cuts Interest Rates By a Quarter Percentage Point

The economy is strong overall and has made significant progress toward our goals over the past two years. The labor market has cooled from its formerly overheated state and remains solid. Inflation has moved much closer to our 2 percent longer-run goal. We are committed to maintaining our economy’s strength by supporting maximum employment and returning inflation to our 2 percent goal. But as for additional cuts, we’re going to be looking for further progress on inflation as well as continued strength in the labor market. And as long as the economy and the labor market are solid, we can be cautious about — as we consider further cuts.