ECONOMY

US Fed lowers key interest rate a third time to 1.5-1.75 percent

A screen displays the US Federal Reserve interest rates announcement as traders work on the floor of the New York Stock Exchange (NYSE). (Reuters)

The US Federal Reserve cut its benchmark interest rate for the third straight time on Wednesday but the central bank is divided, with two of the 10 voting members dissenting.

And the Fed’s policy-setting Federal Open Market Committee made a key change in the wording of its statement, which makes it less certain it will make another move in December.

The FOMC lowered the policy interest rate by 25 basis points to a target range of 1.5-1.75 percent, pulling back another of the four interest rate increases it implemented in 2018.

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Last Update: Wednesday, 30 October 2019 KSA 22:20 - GMT 19:20
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