St. Elizabeth Parish, southwestern Jamaica, is the first to be struck by Category 5 Hurricane Melissa. Winds of 185 mph (295 km/h) are tearing through the area, causing severe flooding and destruction.

 

RATE CUT 2.0: Fed policymakers voted to lower the benchmark federal funds rate by 25 basis points to a new range of 3.75% to 4%.

It is the second cut this year as the Fed moves to help prop up a sluggish job market. pic.twitter.com/Suw0ccVioH

— Fox News (@FoxNews) October 29, 2025

The Federal Reserve's 10-2 vote to cut the federal funds rate by 25 basis points to 3.75%-4% on October 29, 2025, targets a weakening labor market, with August data showing only 142,000 jobs added versus expectations of 160,000.

This second cut of the year, lowering rates to their lowest in three years, signals a policy pivot from inflation control—now near the 2% target—to maximum employment, amid economic uncertainty from fiscal debates and global trade tensions.

Initial market response saw the Dow drop 300 points post-announcement, highlighting investor concerns over sustained growth, though lower rates could reduce mortgage and auto loan costs by 0.25% for consumers.