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The Federal Reserve is cutting rates for a second time this year while saying it is prepared to continue doing what it deems necessary to sustain US economic expansion.<\/p>\nThe Federal Reserve is cutting rates for a second time this year while saying it is prepared to continue doing what it deems necessary to sustain US economic expansion.<\/p>\n
The Fed\u2019s move will reduce its benchmark rate by an additional quarter-point to a range of 1.75% to 2%.<\/p>\n
The Fed\u2019s key rate influences many consumer and business loans.<\/p>\n
The economy appears durable in its 11th year of growth, with a still-solid job market and steady consumer spending.<\/p>\n
But the Fed is trying to combat threats including uncertainties caused by President Donald Trump\u2019s trade war with China, slower global growth and a slump in American manufacturing.<\/p>\n
The Fed notes in its statement that \u201cbusiness fixed investment and exports have weakened\u201d.<\/p>\n
The Fed\u2019s move is likely draw criticism from President Trump, who has attacked the institution and insisted that it slash rates more aggressively.<\/p>\n
The Fed\u2019s action was approved on a 7-3 vote, with two officials arguing to keep rates unchanged and one arguing for a bigger half-point cut.<\/p>\n
It was the largest number of Fed dissents in three years.<\/p>\n