The Federal Reserve reduced its key interest rate by 25 basis points to a target range of 3.50% to 3.75%, marking its third such cut this year.This decision by the Federal Open Market Committee (FOMC) was met with internal division, as inflation remains above the 2 percent target and officials debated preventing labor market weakness amid a lack of recent statistics due to a government shutdown earlier in the fall.Jerome Powell's subsequent press conference is being closely watched for future policy indications, especially since UBS noted that stocks historically perform well when the Federal Reserve cuts rates during non-recessionary periods, a scenario the market had largely anticipated according to CME Fedwatch.