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The Federal Reserve has cut interest rates by 25 basis points, in what Fed chair Jerome Powell called a “mid-cycle adjustment.” So reports Business Insider.
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The central bank’s first rate cut since the 2008 financial crisis, announced on July 31, was widely expected—although benchmark stock-market indexes declined amid expectations for a bigger cut.
Powell kept open the possibility of further decreases but indicated the move was meant as a minor tweak to help the economy through a cloudy period.
