Summary of Key Points from the Federal Reserve's November Interest Rate Decision Statement

The Federal Open Market Committee (FOMC) voted unanimously to lower the benchmark interest rate by 25 basis points to a target range of 4.5%-4.75%. The Federal Reserve adjusted its wording, noting that "the labor market conditions have generally eased," and reiterated that "the unemployment rate has risen but remains low." The statement removed the reference to "further" progress on inflation, indicating that inflation "has made progress toward the Committee's 2% target but remains slightly elevated." The statement also removed the wording that the Committee is "more confident" that inflation is moving toward the 2% target. The statement retained the wording that the risks to achieving employment and inflation goals are "roughly balanced."