The Federal Reserve cut interest rates for the first time in nine months, citing concerns about a weakening labor market. The central bank’s Federal Open Market Committee voted to lower its target range for the federal-funds rate by a quarter percentage point to 4% to 4.25%. Federal Reserve Chairman Jerome Powell stated that while the unemployment rate remains low, it has edged up, job gains have slowed, and downside risks to employment have risen. Inflation has also risen recently and remains somewhat elevated.

Read more at Barron’s: Here’s What Happened at the FOMC Meeting Today