After a two-day-long meeting, the Federal Reserve decided to reduce its key interest rate by a quarter of a point to roughly 3.6%, the Associated Press reports.
It is the third time in a row the Federal Reserve has reduced the interest rate, and it noted it may be the last time it changes for some months.
It also said it expects to only lower rates once next year.
The 3.6% figure represents its lowest point in about three years. A lower rating can reduce mortgage borrowing costs, as well as automobile loans and more.
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In an expected response, the U.S. stock market has risen closer to its all-time high on Wednesday.
