The Federal Reserve has cut interest rates to a three-year low after a divisive meeting that exposed deep fractures in the central bank over whether to prioritise weakening employment or elevated inflation.
The central bank on Wednesday lowered its benchmark rate by a quarter point to between 3.5 to 3.75 per cent as widely anticipated by Wall Street. It marked the third reduction in borrowing costs in a row.
Policymakers noted that “downside risks to employment rose in recent months” as the jobless rate increased and hiring slowed, while also indicating that inflation remained “somewhat elevated”.
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