Fed Cuts Interest Rates for First Time Since 2008 Crisis - NYTimes

The Federal Reserve cut interest rates yesterday for the first time in more than a decade, as it tried to keep America’s record-long economic expansion going by insulating the economy from mounting global risks, the New York Times reported. The widely expected quarter-point decrease was the Fed’s first since it slashed rates to near zero in 2008. But unlike those cuts, which were intended to rescue a failing economy, Wednesday’s move was seen as a precautionary effort to protect the United States from slowing growth in China and Europe and uncertainty over President Trump’s trade war. “The outlook for the U.S. economy remains favorable, and this action is designed to support that outlook,” the Fed chair, Jerome H. Powell, said at a news conference after the decision. The cut, Powell said, was “intended to ensure against downside risks from weak global growth and trade tensions.”

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