On November 8th, according to the Reuters media IFR, as widely expected by the market, the Federal Reserve cut the target range for the federal funds rate by 25 basis points to 4.50% -4.75%, and made some changes to the statement. While their stated outlook remained generally unchanged, as they continued to assert that the economic outlook was uncertain, they dropped a sentence, saying they were "more confident that inflation is moving sustainably towards the target".