The U.S. Federal Reserve cut interest rates by 25 basis points to 3.75% to 4.0% and ended the reduction of securities on its balance sheet. Job gains have slowed, the unemployment rate is low, and inflation is somewhat elevated.

There was opposition to the rate cut, and bitcoin traded lower at $11,700. Stocks saw modest gains, with the Nasdaq leading with a 0.5% advance. The 10-year Treasury yield rose to 4.02%, and the dollar strengthened.

Market focus is now on Fed Chair Jerome Powell’s press conference for signals on the economy, inflation, and interest rates. Traders expect another 25 basis point rate cut in December.

Read more at Yahoo Finance: Fed Delivers Expected 25 Basis Point Rate Cut as Markets Await Powell’s Comments