The Federal Reserve cut its benchmark interest rate by a quarter percentage point Wednesday, because the central bank is more concerned about the job market than it is with battling inflation.

Retail job losses are surging, with Amazon and Target cutting nearly 32,000 corporate jobs combined, signaling a major industry restructuring.

Learn how to create a job post and how to post a job online to attract top candidates fast with help from AI tools offered by ZipRecruiter

Mixed signals from a weakening job market, stubborn inflation, roaring AI investments and the government shutdown have forced the Fed into a dilemma.

The impending corporate layoffs amount to the largest such job reduction in the company's history, CNBC and Reuters reported, citing anonymous sources.Start the day smarter. Get all the news you need in your inbox each morning.