Fed cuts rates for 2nd time this year

The Federal Reserve yesterday cut interest rates, marking the second time it has done so in 2019.

The federal funds rate - controlling mortgages, credit cards and other borrowing - was reduced by a quarter percentage point to a range of 1.75% and 2%.

Two Fed officials voiced concerns that the economy does not need another rate cut, while another thought the latest reduction didn't go far enough.

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