US Federal Reserve Rate Cut: Interest rates to be cut by 0.25%, first in a decade

Federal Reserve slashed interest rates for the 1st time in a decade implying the world's largest economy is running out of steam. US Central Bank cut its benchmark interest rates by 0.25%. The benchmark short term rate is in the range of 2.25% -2.5% after 9 quarter-point rates increase from Dec 2015-Dec 2018; affecting consumer & business loans. Economists foresaw the central bank to lower rates due to slow economic growth.