ICYMI: Fed cuts rate for first time since financial crisis via ReutersTV
WASHINGTON - The Federal Reserve cut interest rates on Wednesday, but the head of the U.S. central bank said the move might not be the start of a lengthy campaign to shore up theFed Chairman Jerome Powell cited signs of a global slowdown, simmering U.S. trade tensions and a desire to boost too-low inflation in explainingand move up plans to stop winnowing its massive bond holdings.
U.S. President Donald Trump, who has repeatedly attacked the Fed's policy stance under Powell and demanded that it push through big rate cuts, said on TwitterU.S. stock prices fell during Powell's news conference. The benchmark S&P 500 indexclosed down 1.1% for the day. Yields on 2-year notes, a proxy for Fed policy rates, rose to 1.87%.
“It’s smart of them to go ahead and take out some insurance here. It’s better than none at all,” said Brett Ewing, chief market strategist at First Franklin Financial Services in Tallahassee, Florida. Federal Reserve Chair Jerome Powell holds a news conference following the Federal Reserve's two-day Federal Open Market Committee Meeting in Washington, U.S., July 31, 2019. REUTERS/Sarah Silbiger
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