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Business

US Fed opens 2-day meeting, rate cut expected

WASHINGTON: The Federal Reserve opened its two-day policy meeting on Tuesday, poised to cut the key US lending rate for

30 Jul, 2019

WASHINGTON: The Federal Reserve opened its two-day policy meeting on Tuesday, poised to cut the key US lending rate for the first time in more than a decade amid rising economic uncertainties.

The Federal Open Market Committee raised the benchmark interest rate four times last year but has signaled that it will backtrack given worrying signs in the United States and major trading partners.

A Federal Reserve spokesperson said, "The FOMC meeting began at 10:00 a.m. EDT as scheduled."

Moments earlier, President Donald Trump continued his high-pressure campaign, telling reporters he wants to see a "large cut" by the Fed.

Copyright AFP (Agence France-Press), 2019