The U.S. Federal Reserve on Wednesday slashed interest rates by 25 basis points, the third consecutive rate cut in this easing cycle, as it braces for uncertainty stemming from the incoming Donald Trump administration's tariff policies.
"The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate," the Federal Open Market Committee (FOMC), the central bank's policy-setting body, said in a statement.
In support of its goals, the committee decided to lower the target range for the federal funds rate by 25 basis points to 4.25 percent to 4.5 percent, it continued.
The FOMC noted that the committee "would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals".
Fed officials have indicated that they might soon reduce the speed of interest rate cuts, not only due to persistent inflation, but also because of uncertainty surrounding the incoming Trump administration's tariff policies, which could push up inflation.
After its meeting between Sept 17 and 18, the central bank slashed the target range for the federal funds rate by 50 basis points, which marked the first rate cut in over four years and signaled the start of an easing cycle.
After its meeting between Nov 6 and 7, it further lowered the target range for the federal funds rate by 25 basis points to 4.5 percent to 4.75 percent amid cooling inflation and a weakening labor market.
US Fed slashes rates by 25 basis points, bracing for policy uncertainty
US Fed slashes rates by 25 basis points, bracing for policy uncertainty
Macao has seen a surge in visitors this year, welcoming over 32 million tourists eager to experience the region's renowned historic buildings and photogenic views.
The region has seen a 26 percent increase in visits compared to the same period last year, according to official data. Tourism from the Chinese mainland is the main force, accounting for nearly 70 percent of visits, data showed.
The Ruins of St. Paul's, a UNESCO World Heritage site, stands as a testament to one of the earliest and most enduring encounters between China and the West. It is typically an early and essential stop for every tourist.
"We came from Zhuhai City, Guangdong Province (in southern China). We have just arrived in Macao, and this is our first stop. We've taken many photos and enjoyed a wonderful meal. We are very happy," said a tourist.
"I came from Anhui Province (in eastern China). The people in Macao are very hospitable, and I think the city is wonderful," said another visitor.
The enchanting city also attracts numerous tourists from around the world.
"It's a really vibrant city. I love the architecture," said an international tourist.
A narrow and elongated area in the city is dotted with historic buildings, from the A-Ma Temple dedicated to the sea-goddess Mazu, to the Mandarin's House -- the former residence of a prominent Chinese historical figure and the landmark Ruins of St. Paul's.
This year, a newly unveiled building in the area offers visitors a panoramic view of eight World Heritage sites from its rooftop, earning it the name "M8." It is the first commercial urban renewal and reconstruction project since Macao's return to the motherland.
"This place is perfect for photography. I've been here before, but at that time I only used my phone to take pictures. Today, I brought my camera specifically for this visit. Beneath the layers of history and culture, there are also bustling, lively, and prosperous scenes. I feel that the blend of (tradition and modern life) is very well integrated," said a tourist.
Project organizers said they hope to showcase the rich history and modern life of Macao while helping to tap into tourism to boost the region's economy.
"We bring together both culture and commerce. We hope to explore a new path for development in this historic city and establish a fresh direction for cultural tourism in Macao," said Loi U Man, Project Director of M8.
Macao sees surge in tourism with cultural and modern charms
