SINGAPORE (Oct 31): Just a day before Halloween, the US Federal Reserve spooked the market with its third interest rate cut in a row this year.

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 Brexit uncertainty for dampening business sentiments. However, the US economy has thus far managed to remain “resilient”.

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