The Federal Reserve delivered a 25-basis-point cut to its benchmark interest rate on Wednesday, setting the target range at 3.75% to 4%. The move, which brings the federal funds rate to its lowest level in three years, comes amid a softening labor market and inflation pressures.

Monetary policy watchers expect another cut in December, which — combined with a shift in the Fed’s balance-sheet strategy — could bring additional relief to mortgage rates, which are now at their lowest levels of the year.

Economists say the federal government shutdown has limited access to employment data and delayed the details ⇒

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