SINGAPORE (Nov 4): On Oct 30, the US Federal Reserve announced its third interest rate cut this year, a move that was not unexpected.
The central bank’s Federal Open Market Committee lowered its benchmark funds rate by a quarter point, or 25 basis points, to a range of 1.5% to 1.75%.
Fed chairman Jerome Powell cited the US-China trade war and uncertainties associated with Brexit for dampening business sentiment. However, the US economy has thus far managed to remain “resilient”, according to him.
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