Fed lowers interest rates as expected, leaves door open to further cuts via ReutersTV
WASHINGTON - The Federal Reserve cut interest rates on Wednesday for the first time since 2008, citing concerns about the global economy and muted U.S. inflation, and signaled a readiness to lower borrowing costs further if needed.
The Fed said it will “continue to monitor” how incoming information will affect the economy, adding that it “will act as appropriate to sustain” a record-long U.S. economic expansion. The U.S. dollar index .DXY gained ground to touch its highest in more than two years. The index, which measures the greenback against a basket of currencies, was up about 0.20% on the day.
On the opposite flank, U.S. President Donald Trump is likely to be disappointed the Fed did not deliver the large rate cut he had demanded. Trump has repeatedly harangued the central bank and Fed Chairman Jerome Powell for not doing enough to help his administration’s efforts to boost economic growth.
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