The reduction lowers the federal funds rate — what banks charge each other for short-term loans — to between 3.5% and 3.75%, down from its prior range of 3.75% to 4%. The Fed's decision marks the third consecutive rate cut since September, lowering the federal funds rate by a total of 0.75 percentage points this year.

A leading candidate to be President Donald Trump’s choice for Federal Reserve chair says he would present the president’s views to Fed officials for their consideration but they could reject them if t