Fed sees case building for interest rate cuts this year

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The U.S. Federal Reserve on Wednesday said it was ready to battle growing global and domestic economic risks with interest rate cuts beginning as early as next month, as it took stock of rising trade tensions and growing concerns about weak inflation.

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WASHINGTON (Reuters) – The U.S. Federal Reserve on Wednesday said it was ready to battle growing global and domestic economic risks with interest rate cuts beginning as early as next month, as it took stock of rising trade tensions and growing concerns about weak inflation.

Policymakers “expressed concerns” about the pace of inflation’s return to 2%, Powell said. Wages are rising, he added, “but not at a pace that would provide much upward impetus” to inflation.

The long-run federal funds rate, a barometer for the state of the economy over the long term, was cut to 2.50% from 2.80%.

St. Louis Fed President James Bullard, who had argued that rates should be cut, dissented in Wednesday’s policy decision.

Reporting by Howard Schneider, Jason Lange and Ann Saphir; Editing by Paul Simao


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Author:

The U.S. Federal Reserve on Wednesday said it was ready to battle growing global and domestic economic risks with interest rate cuts beginning as early as next month, as it took stock of rising trade tensions and growing concerns about weak inflation.

Source: {authorlink}

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