WASHINGTON (AFP) - The US Federal Reserve cut its benchmark interest rate for the second time this year on Wednesday (Sept 18) but the policy committee is divided, with three of the 10 voting members dissenting.. Read more at straitstimes.com.
WASHINGTON - The US Federal Reserve cut its benchmark interest rate for the second time this year on Wednesday but the policy committee is divided, with three of the 10 voting members dissenting.
"Although household spending has been rising at a strong pace, business fixed investment and exports have weakened," the FOMC said in a statement. The Fed also cut the interest it pays to banks on cash reserves above the required level by 30 basis points to 1.8 per cent, in a bid to push more cash into markets.
But his job is complicated by the clear division on the committee: one member wanted an even steeper rate cut, while two others opposed cutting rates.
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