Fed cuts key rate in its first reduction in more than decade
Share
Tweet
August 1, 2019
WASHINGTON (AP) — The Federal Reserve cut its key interest rate Wednesday for the first time in a decade to try to counter threats ranging from uncertainties caused by President Donald Trump's trade wars to chronically low inflation and a dim global outlook.
The Fed also repeated a pledge to "act as appropriate to sustain the expansion" — wording that the financial markets have interpreted as a signal of possible future rate cuts.
Stocks tumbled soon after the Fed issued its statement at 2 p.m. Eastern time. The Dow Jones Industrial Average, which had been nearly flat before the announcement,...
For access to this article please
sign in or
subscribe.
Reader Comments(0)