1st LD: U.S. Fed slashes interest rates by 25 basis points amid weakening labor market

WASHINGTON, Nov. 7 (Xinhua) -- The U.S. Federal Reserve on Thursday slashed interest rates by 25 basis points amid cooling inflation and a weakening labor market, marking the second rate cut in this easing cycle.

"Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated," the Federal Open Market Committee (FOMC), the central bank's policy-setting body, said in a statement.