The US Federal Reserve has cut interest rates by a quarter of a percentage point

It's lowered the cash rate to, 4.5 to 4.75 percent.

The central bank says the job market has eased, economic activity is expanding at a solid pace, and inflation is moving back to the central bank's two-percent target.

Australia's Reserve Bank kept its cash rate unchanged earlier this week.

Our Reserve Bank is expected to its Official Cash Rate by 50 basis points later this month.