QUARTER PERCENT

Federal Reserve Cuts Interest Rate for First Time Since Great Recession

“In light of the implications of global developments for the economic outlook as well as muted inflation pressures,” Jerome Powell said.

The Federal Reserve on Wednesday reduced interest rates for the first time since the 2008 financial crisis, Bloomberg reports. Central bankers voted to decrease the interest rate by a quarter of a percentage point in response to slowing global growth. In a statement, Federal Reserve Chair Jerome Powell said the decision was made in light of “implications of global developments for the economic outlook,” along with “muted inflation pressures.” Powell also noted that “uncertainties” in the economic outlook remain. This comes after President Trump told reporters on Tuesday that he “would like to see a large cut” in the interest rate. “I would like to see immediately the quantitative tightening stop,” he said. “I’m just very disappointed in the Fed.”