Fed Cuts Interest Rates for First Time Since Financial Crisis

As expected by analysts, the Federal Open Market Committee announced today that it would cut the target rage for the federal funds rate by a quarter of a point to 2 to 2.25% amid slowing global growth and mounting economic uncertainties. In a statement issued at the end of the meeting, FOMC members said that after reviewing incoming economic data, they expect the economic expansion to continue, but noted that “uncertainties about this outlook remain.”

The FOMC said it would “assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective” in determining the timing and size of future rate adjustments.