Feds Cut Interest Rate
July 31, 2019 2:30PM EDT
(Washington, DC) — The Federal Reserve is cutting its key interest rate by a quarter percent. Policymakers wrapped up their July meeting today by lowering the Fed’s benchmark rate to between two and two-and-a quarter percent. In a statement explaining its decision, the FOMC cited global uncertainties and muted inflation as key factors. It also noted the labor market remains strong while economic activity has been rising at a moderate rate. It’s the first rate cut by the central bank since the financial crisis more than ten years ago.