x

Federal Reserve slashed interest rates for the second time in 2 months

R Sinduja

News Editor
Image Credit: shortpedia

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%.