The most recent inflation reading for October was higher than expected, coming in at 0.4% for the month. The US Federal Reserve on Wednesday cut its benchmark interest rate by 25 basis points to a range of 4.00-4.25 percent, as was widely expected. This was the US Fed's first reduction since. US Federal Reserve on Wednesday lowered its benchmark interest rate by 25 bps to 3.75%–4.00%, marking its second consecutive cut this.