Fed Makes Second Straight Rate Cut, Splits on Further Action
Thursday, 19 September 2019 01:20 WIB | FISCAL & MONETARY |Federal ReserveThe FedEkonomi AS

Federal Reserve policy makers lowered their main interest rate for a second time this year while splitting over the need for further easing, caught between uncertainty over trade and global growth and a domestic economy that's holding up well.

œ Although household spending has been rising at a strong pace, business fixed investment and exports have weakened,™™ the Federal Open Market Committee said in a statement on Wednesday in Washington. Officials maintained their pledge to œact as appropriate to sustain the expansion. 

Chairman Jerome Powell, under relentless public pressure from President Donald Trump to slash rates, will hold a press conference at 2:30 p.m. New York time.

The benchmark rate was lowered by a quarter percentage point to a range of 1.75% to 2% œin light of the implications of global developments for the economic outlook as well as muted inflation pressures,™™ the committee said. The FOMC continued to characterize the labor market as œstrong with œsolid job gains.

Five officials wanted to keep rates unchanged, while five saw a quarter point as appropriate this year and seven wanted a half point.

The Fed Board also took a separate step to calm this week's strains in money markets and avert harm to the economy, lowering the interest rate on excess reserves to 1.8%. Earlier Wednesday the Fed injected $75 billion of liquidity to ease a crunch, and key rates pulled back from elevated levels.

Source : Bloomberg

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