The Federal Reserve voted unanimously Thursday to approve a cut to the federal-funds rate of one quarter point. The reduction is part of the central bank’s moves to stimulate economic activity, which it views as still potentially dampened by the higher rates enacted to control inflation after the Covid-19 pandemic. It follows a half-point rate cut enacted in September of this year.

The rate cut will reduce the cost of borrowing and is intended to increase investment in the U.S. economy. “We are committed to maintaining our economy’s strength,” said Jerome Powell, Chairman of the Federal Reserve, about the move.

The central bank may decide to cut rates one more time this year, at the Federal Reserve meeting in December.