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The Federal Reserve’s move was unusual, coming between regularly scheduled policy meetings. Officials also left open the possibility of further cuts if the economic damage gets worse.
The Federal Reserve is widely expected to cut interest rates by a quarter percentage point. That could give a lift to the stock market but may not do much to help the economy amid the trade war.
The Trump administration pushed back hard against warnings of an economic slowdown. But the president is also calling on the Federal Reserve to cut interest rates again to help boost growth.
The Federal Reserve chairman is testifying before Congress this week about challenges the economy faces. Stocks rallied in anticipation the central bank will lower interest rates later this month.
The Federal Reserve left interest rates unchanged Wednesday and signaled that no more rate hikes may be necessary this year amid signs of economic slowing.
The U.S. Federal Reserve is raising the benchmark borrowing rate to a range of 2.25 percent and 2.50 percent, a move that would put it at the highest level in a decade