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Fed Cuts Interest Rates For Third Time This Year

Video Credit: Wochit
Published on October 30, 2019 - Duration: 00:48s

Fed Cuts Interest Rates For Third Time This Year

The Federal Reserve cut interest rates on Wednesday.

The U.S. central bank cut its key overnight lending rate by a quarter of a percentage point, to a target range of between 1.50% and 1.75%.

Reuters reports it's the third time year.

The cut is in order to help sustain U.S. growth despite a slowdown in other parts of the world.

However, the Fed signalled no further reductions ahead unless the economy takes a turn for the worse.

We believe that monetary policy is in a good place.

Jerome Powell Chairman, US Federal Reserve Fed Chair Jerome Powell said the move was to provide some insurance against ongoing risks.

He added the outlook continues to be for β€œmoderate” growth, a strong labor market and inflation rising back to the Fed’s 2% goal.

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