Fed Cuts Interest Rates By A Quarter Of A Point
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2019-08-01 HKT 02:10
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The US Federal Reserve on Wednesday cut its benchmark lending for the first time in more than 10 years, citing "uncertainties" about the economic outlook even amid robust job growth.
The target for the federal funds rate is now 2.0-2.25 percent, a cut of 25 basis points, and the central bank vowed to "act as appropriate to sustain the expansion."
However, two officials on the policy-setting Federal Open Market Committee opposed the move to provide more stimulus to the economy and dissented in the vote.
The Fed also announced an early end to a policy known as "quantitative tightening" or QT. That means the Fed will stop reducing its huge holdings of securities it built up during the global financial crisis. (AFP)
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