Federal Reserve cuts US' benchmark interest rate to 1.50 pct - 1.75 pct

Last Updated: Thu, Oct 31, 2019 15:14 hrs
US Federal Reserve Building (Image Courtesy: Wikipedia)

Washington DC [USA]: The United States' benchmark interest rate has been cut by 25 basis points to a range of 1.50 per cent to 1.75 per cent, the Federal Reserve said on Wednesday.

A statement by Fed's policy-setting Federal Open Market Committee said, "Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability."

"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 to 1-1/2 to 1-3/4 percent," the statement added.