The Federal Reserve cut interest rates on Wednesday, its third time for the year to boost U.S. growth despite the major global economic slowdown.
The Federal Reserve cut its rate by 25 basis points to a target range of between 1.50% and 1.75%.
The U.S. central bank also signaled that the rate cut will stay the same for the rest of the year unless an economic crisis surfaces.
“We believe that monetary policy is in a good place,” Fed Chair Jerome Powell said.
“We took this step to help keep the economy strong in the face of global developments and to provide some insurance against ongoing risks,” he furthered. “We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook.”
Powell also noted that the U.S.-China trade disputes were “a step closer” to resolution and that Britain is far from a crash out of the European Union.