The US Federal Reserve Has Cut Interest Rates For the First Time in 11 Years

This led to a rise in the dollar and a decline in Wall Street indices, writes NOVA TV. 

The US Federal Reserve has cut interest rates for the first time in eleven years. 

Interest rates, which affect the cost of borrowing for credit cards and mortgages, are now set to hover between 2% and 2.25%.

Although the Federal Reserve has expressed readiness for a new cut, if necessary, President Donald Trump remained dissatisfied. He criticized the chairman of the Federal Reserve Office for not making a more significant interest rate cut.

Policymakers in their statement said they would "continue to monitor" incoming data and would act as needed to support the economy.

The fall in interest rates led to a rise in the dollar and a fall in Wall Street indices. Asian markets also responded with a downturn today.

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