By WI Web Staff
The Federal Reserve has cut the interest rate by one-quarter of a percentage point, marking the first such cut in 11 years.
The announcement made Wednesday at the conclusion of a two-day meeting of the Federal Open Market Committee, provides an extra boost to the domestic economy as it faces threat of a global economic slowdown.
While Federal Reserve Chair Jerome Powell has acknowledged the strength of the nation’s economy — the 10-year economic expansion is the longest on record, unemployment stands at a near-historic low of 3.7 percent, and the stock market continues to chalk up record highs — the move is an attempt to guard the country against increasing geopolitical tensions as well as fallout from President Donald Trump’s protracted trade war with China.
This post originally appeared in The Washington Informer.