After a September half-point cut, the reduction would bring the benchmark federal funds rate down three-quarters of a point from its 23-year high.

The Federal Reserve will cut its benchmark interest rate for the second consecutive month to try to ease inflationary pressures.

Earlier that year, in England, Prime Minister Liz Truss responded to the highest inflation in four decades with an economic policy centered on tax cuts and energy price controls. Her tenure in office lasted just 44 days before market reaction and political disarray led to her stepping down.