US Fed meet: Jerome Powell-led FOMC cuts rate by 25 basis points; lowest level in almost three years
US Fed chair Jerome Powell (File photo by AP) The US Federal Reserve’s Federal Open Market Committee (FOMC), led by Fed Chair Jerome Powell on Wednesday cut the key rate by 25 basis points. The rate now stands between 3.5 percent and 3.75 percent, the lowest level in nearly three years. "In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the...