The Federal Reserve lowered its interest rate target by a quarter percentage point Wednesday, its second consecutive rate cut, in an effort to keep the economic expansion running despite signs of weakening global growth and domestic fears about President Trump’s trade war.
The Fed will now target short-term interest rates in a range between 1.75% and 2%, where they were from June to September of last year. Fed officials appeared to be split about the possibility of further rate cuts. Eight Fed officials, who were not named and are not necessarily on the monetary policy committee, projected that the central bank would again lower rates this year or next.
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