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FinancialNews
31-10-19
U.S. Fed cuts interest rates, indicates no further reductions
(MENAFN) The Federal Reserve (Fed) on Wednesday lowered interest rates for the third time this year to help maintain U.S. growth despite a slowdown in other parts of the world but signaled no further rate reductions ahead unless the economy declines.
The decision to cut the U.S. central bank's key lending rate by a quarter-percentage point to a target between 1.5 and 1.75 percent was widely anticipated by financial markets, where expectations for further rate cuts after October have diminished significantly in recent weeks.
Jerome Powell, Fed Chair told reporters after the central bank announced its decision "We believe that monetary policy is in a good place," "We took this step to help keep the economy strong in the face of global developments and to provide some insurance against ongoing risks."
"We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook," Powell said.
MENAFN3110201900450000ID1099202386
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