Fed cuts interest rates

Credit: Reuters Studio
Published on September 18, 2019 - Duration: 01:41s

Fed cuts interest rates

Federal Reserve Chairman Jerome Powell announced interest rate cuts by a quarter of a percentage point for the second time this year on Wednesday in a widely expected move meant to sustain a decade-long economic expansion, but gave mixed signals about what may happen next.

Rough Cut (no reporter narration).

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Fed cuts interest rates

The central bank also widened the gap between the interest it pays banks on excess reserves and the top of its policy rate range, a step taken to smooth out problems in money markets that prompted a market intervention by the New York Fed this week.

In lowering the benchmark overnight lending rate to a range of 1.75% to 2.00% on a 7-3 vote, the Fed's policy-setting committee nodded to ongoing global risks and "weakened" business investment and exports.

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