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US Fed cuts interest rates for second time this year
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IANS | 19 Sep, 2019
The US Federal Reserve on Wednesday lowered interest rates by 25 basis
points amid growing risks and uncertainties stemming from trade tensions
and a global economic slowdown, following a rate cut in July that was
its first in more than a decade. The Federal Open Market
Committee (FOMC), the Fed's rate-setting body, trimmed the target for
the federal funds rate by 25 basis points to a range of 1.75 per cent to
2 per cent after concluding its two-day policy meeting, largely in line
with market expectation, Xinhua reported. Despite strong
labour market and robust growth in household spending, "business fixed
investment and exports have weakened", the FOMC said in a statement. "On
a 12-month basis, overall inflation and inflation for items other than
food and energy are running below 2 per cent," the central bank's
inflation objective, the FOMC said. Three of the 10 members of
the committee voted against the quarter-point rate cut decision,
highlighting growing split among monetary policymakers.
As in
July, Federal Reserve Bank of Boston President Eric Rosengren, and
Kansas City Fed President Esther George "preferred" to maintain the
target range for the federal funds rate at the previous level.
St. Louis Federal Reserve President James Bullard, meanwhile, demanded a larger cut, by 50 basis points. "As
the Committee contemplates the future path of the target range for the
federal funds rate, it will continue to monitor the implications of
incoming information for the economic outlook and will act as
appropriate to sustain the expansion," the FOMC said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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84.35
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82.60 |
UK Pound
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106.35
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102.90 |
Euro
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92.50
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89.35 |
Japanese
Yen |
55.05 |
53.40 |
As on 12 Oct, 2024 |
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