Fed cuts rates for first time since 2008

The Federal Reserve on Wednesday cut interest rates for the first time since the 2008 recession.

The key rate was slashed by a quarter point to a range of 2% to 2.25%.

A Federal Open Market Committee statement indicated the reduction supports its view that “sustained expansion of economic activity, strong labor market conditions and inflation near the committee’s symmetric 2% objective are the most likely outcomes, but uncertainties about this outlook remain."

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