Fed cuts rates for second time since 2008 recession

Fed cuts rates for second time since 2008 recession

News Staff

The Federal Reserve on Wednesday cut interest rates for the second time in two months amid growing worries about a potential global slowdown.

Officials also left the door open for a further rate cut this year, reinforcing the message by Fed chairman Jerome Powell that policymakers would do whatever necessary to prevent a recession.

The federal funds rate, which controls the cost of mortgages, credit cards and other borrowing, will now hover between 1.75% and 2%.

This is a breaking story and will be updated.