US Fed Meeting: FOMC Announces 25 bps Rate Cut; Inflation Remains 'Somewhat Elevated', Says Jerome Powell

US Fed Meeting: 'The US is strong overall. The unemployment rate forecast is 4.2 per cent this year, and 4.3 per cent over the next few years. Inflation has eased significantly over the past two years but remains somewhat elevated relative to our 2 per cent longer run goal,' says US Fed Chairman Jerome Powell.