The Federal Reserve resumed its rate-cutting campaign in an effort to revive the jobs market. But the hiring drought can’t be cured by lower interest rates alone, write Justin Lahart and Ruth Simon

Federal Reserve Chair Jerome Powell on Tuesday signaled a cautious approach to future interest rate cuts, in sharp contrast with other Fed officials who have called for a more urgent approach.

"The labor market is really cooling off," said Fed Chair Jerome Powell, who's been under unprecedented pressure to slash rates.

Federal Reserve Governor Lisa Cook will be permitted, for the time being, to stay on the central bank board at least through next year after legal questions over her termination by U.S. President Donald Trump.

In a brief unsigned order, the high court said it would hear arguments in January over President Trump’s effort to force Cook off the Fed board.

The Fed's interest rate cut comes amid economic uncertainty as new projections from the Fed, CBO and OMB show differing outlooks for GDP growth, inflation and unemployment through 2028.

New Federal Reserve data reveals that only 3.2% of American retirees have accumulated $1 million in retirement accounts. The median savings for retirees aged 65-74 sits at just $200,000, highlighting a significant gap between retirement dreams and financial reality.