Kent Nishimura / Bloomberg via Getty Images The Federal Reserve is widely expected to cut its influential interest rate when it meets in October. Key Takeaways The Federal Reserve's policy committee is widely expected to cut its benchmark interest rate by a quarter-point at the conclusion of its two-day meeting Wednesday. Fed officials are cutting rates to reduce borrowing costs on loans and support the job market. The Fed had been keeping rates higher for longer to fight inflation, but those concern ...