Fed Cuts Interest Rates for First Time Since 2008

“In the biggest Fed decision since 2015, the Federal Reserve said on Wednesday it would slash its benchmark interest rate by a quarter point, as expected,” Axios reports.

“While previous Fed regimes have cut rates when the economy was not in the throes of a recession, it’s still a rare move — one that will likely be a legacy-shaping milestone in Jerome Powell’s tenure as Fed chairman.”

The New York Times says the cut “is meant to protect the economy against the potentially harmful effects of a growth slowdown in China and Europe and uncertainty from President Trump’s trade war.”