1st LD: U.S. Fed cuts interest rate for second time this year

WASHINGTON, Oct. 29 (Xinhua) -- The U.S. Federal Reserve on Wednesday decided to lower the target range for the federal funds interest rate by 25 basis points to 3.75 to 4 percent, marking its second rate cut this year.

Available indicators suggest that economic activity has been expanding at a moderate pace, job gains have slowed this year, and the unemployment rate has edged up but remained low through August,