Alan Greenspan, the jazz-playing U.S. Federal Reserve chair who was celebrated for engineering a decade of prosperity but later shared the blame for a devastating financial crisis, died Monday. He was 100.

The November job gains were higher than the 40,000 economists had forecast. The October job losses were caused by a 162,000 drop in federal workers, many of whom resigned at the end of fiscal year 2025 on Sept. 30 under pressure from billionaire Elon Musk’s purge of U.S. government payrolls.

The Federal Reserve reduced its key interest rate for the third time in a row Wednesday but signaled that it may leave rates unchanged in the coming months.

Wednesday’s decision brings the Fed’s key rate down to about 3.9%, from about 4.1%. The central bank had cranked its rate to roughly 5.3% in 2023 and 2024 to combat the biggest inflation spike in four decades.

The Supreme Court on Wednesday allowed Lisa Cook to remain as a Federal Reserve governor for now, declining to act on the Trump administration’s effort to immediately remove her from the central bank.

The move is the Fed’s first cut since December and it lowered its short-term rate to about 4.1%, down from 4.3%. Fed officials, led by Chair Jerome Powell, had kept their rate unchanged this year as they evaluated the impact of tariffs, tighter immigration enforcement, and other Trump administration policies on inflation and the economy.

The Federal Reserve on Wednesday is widely expected to cut its key rate by a quarter point to about 4.1%, which would be the first reduction since last December.

Legal experts say the Republican president’s claim that he can fire Lisa Cook, who was appointed by Democratic President Joe Biden, is on shaky ground. But it’s an unprecedented move that hasn’t played out in the courts before, and the Supreme Court this year has been much more willing to let the president remove agency officials than in the past.

The U.S. labor market delivered another upside surprise last month, churning out a surprisingly strong 147,000 jobs. The unemployment rate ticked down unexpectedly, too.

Speaking at an Economic Club of Chicago luncheon Wednesday, Powell said that despite the instability, the nation’s economy is still in a “solid position,” in particular its labor market. But he acknowledged that while the rate of inflation is slowing, the sharp price increases consumers have faced over the last several years are still hitting Americans in their pocketbooks.

Federal Reserve Bank of Chicago President and CEO Austan Goolsbee said the U.S. is currently on what he calls a “golden path.” Inflation has cooled from historic highs without the country going into a recession, and the unemployment rate is at what economists generally consider a sweet spot. Now the key is staying there.

The rate cut, the Fed’s first in more than four years, reflects its new focus on bolstering the job market, which has shown clear signs of slowing. Coming just weeks before the presidential election, the Fed’s move also has the potential to scramble the economic landscape just as Americans prepare to vote.

American consumers and home buyers, business people and political leaders have been waiting for months for what the Federal Reserve is poised to announce this week: That it’s cutting its key interest rate from a two-decade peak.

Wednesday’s report from the Labor Department showed that consumer prices rose 2.5% in August from a year earlier, down from 2.9% in July. It was the fifth straight annual drop and the smallest since February 2021. From July to August, prices rose just 0.2%.

Though consumer sentiment is slowly rising, a majority of Americans in some surveys still complain about elevated prices, given that the costs of such necessities as food, gas and housing remain far above where they were before the pandemic erupted in 2020.

The S&P 500 climbed 1% to break a brutal three-day losing streak. It had tumbled a bit more than 6% on a raft of concerns, including worries the Federal Reserve had pressed the brakes too hard for too long on the U.S. economy through high interest rates in order to beat inflation.