Federal Reserve Chairman Jerome Powell speaks to reporters following a policy decision to cut rates on September 18. File Photo by Kevin Dietsch/UPI | License Photo

Oct. 30 (UPI) -- The U.S. Federal Reserve, as expected, ordered another interest rate cut.

The Federal Open Market Committee announced the policy decision Wednesday afternoon.


"In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent," it said in a statement.

"This action supports the committee's view that sustained expansion of economic activity, strong labor market conditions, and inflation near the committee's symmetric 2 percent objective are the most likely outcomes, but uncertainties about this outlook remain."

Wednesday's is the third reduction so far this year and the second in as many months.

Federal Reserve Chairman Jerome Powell said in a news conference Wednesday that the current interest rates are likely to remain stationary.

"We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook of moderate economic growth, a strong labor market, and inflation near our symmetric 2 percent objective. We believe monetary policy is in a good place to achieve these outcomes," the Fed statement said.