Fed cuts interest rates

Video 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).


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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