The Federal Reserve cut its benchmark interest rate by 25 basis points to a range of 4.5-4.75%. In the statement, the committee says "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," and that, "The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance."

Yahoo Finance Federal Reserve Reporter Jennifer Schonberger reports the breaking news.

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This post was written by Stephanie Mikulich.