The Federal Reserve sees cooler inflation and slower job market, suggesting a rate cut is nearing

The Federal Reserve says that greater progress has been made in reducing inflation to its 2% target. That's a sign that the central bank is moving closer toward cutting its key interest rate for the first time in four years. In a statement issued after it concluded its two-day meeting, the Fed also said that job gains have moderated and acknowledged that the unemployment rate has risen. Yet Fed officials said they still need to gain confidence inflation is under control, clouding the timing of a rate cut.