As expected, the Fed cut its target rate by 25bps for the third time this year as a response to the global slowdown in the economic activity since the beginning of 2018, lowering the range to 1.5-1.75%. Powell mentioned that the current stance of the monetary policy continues to provide meaningful support to the US economy after the 11-year expansion. Household spending and the job market both remain strong, with the unemployment rate sitting at a 50-year low of 3.5%, and wages have been rising especially for the lower-paid income jobs. The share of industries