Federal Reserve slashed interest rates for the second time in 2 months
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The Federal Reserve slashed interest rates for the second time in 2 months amid increasing worries about a potential global slowdown. Officials left it open for a further rate cut and reinforced Fed chairman Jerome Powell's message that policymakers would do whatever necessary to prevent a recession. The federal fund rates that control the cost of mortgages, credit cards, and borrowing will now hang between 1.75% and 2%.