Fed slashes interest rates amid trade war, White House pressure

The Federal Reserve lowered interest rates for the first time since the 2008 financial crisis, a move designed to preserve economic growth threatened by a volatile trade war and global upheaval, including Great Britain’s break-up with the European Union.

The reduction of 25 basis points takes the benchmark federal funds rate to a range of 2% to 2.25% and ends a string of nine increases since 2015, a move that had been eagerly anticipated in financial markets.