Fed delivers second rate cut to head off global risks

[mystery-ak]

Fed delivers second rate cut to head off global risks
By Sylvan Lane - 09/18/19 02:00 PM EDT

The Federal Reserve announced Wednesday it would cut interest rates for the second consecutive time this year to protect a record stretch of U.S. prosperity from looming foreign risks.

In a statement following a two-day meeting in Washington, the central bank’s rate-setting Federal Open Markets Committee (FOMC) said it would cut interest rates by 0.25 percentage points to a 1.75 to 2 percent baseline range. The decision marks the second time since July— and the 2008 recession — that the Fed has moved to ease borrowing costs.


"In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate," the FOMC said.

Seven of the FOMC's 10 voting members voted to cut rates by 0.25 percentage points, while three officials voted against the move. St. Louis Fed President James Bullard preferred a larger cut of 0.5 percentage points, while Boston Fed President Eric Rosengren and Kansas City Fed President Esther George voted to keep rates steady.

more
https://thehill.com/policy/finance/461980-fed-delivers-second-rate-cut-to-head-off-global-risks

[Hoodat]

The Federal Reserve announced Wednesday it would cut interest rates for the second consecutive time this year to protect a record stretch of U.S. prosperity from looming foreign risks.

The only thing the Fed is protecting here is the ability of the Federal Government to spend money it doesn't have.

[Wingnut]

A 1st rate cut is always better than a second rate cut in my mind.