The United States Federal Reserve's Federal Open Market Committee (FOMC) revealed on Wednesday that it decided to lower the federal funds rate by 25 basis points to between 4.25% and 4.50%.

In the monetary policy statement, the Fed said that the economy continued to expand at a "solid pace," while reaffirming that the job gains have slowed down and the unemployment rate has "moved up" but remained low. Additionally, the central bank noted that inflation has made progress toward the 2% target level, but it is still "somewhat elevated."

The Committee stressed that the forecast for the economy is "uncertain" and it will continue to monitor the upcoming data in order to "be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals."