WASHINGTON (AP) — The Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring even as inflation stays elevated. The move comes amid a fraught time for the central bank, with hiring sluggish and yet inflation stuck above the Fed’s 2% target. Compounding its challenges, the central bank is navigating without much of the economic data it typically relies on from the government. Fed Chair Jerome Powell also cautioned that further rate cuts weren’t guaranteed, citing the lack of economic reports and sharp divisions among 19 Fed officials who participate in the central bank’s interest-rate deliberations.
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