In a widely anticipated move, the U.S. Federal Reserve has cut interest rates for the third time this year,... citing the continued slowdown of the U.S. economy.
Chairman Jerome Powell said on Wednesday that the Fed now plans to hold rates steady for the foreseeable future.
Lee Seung-jae has more.
In a vote whose result was already baked into financial markets,... the U.S. Federal Open Market Committee on Wednesday went ahead and lowered its benchmark funds rate by 25 basis points to between 1-point-5-percent to 1-point-seven-five percent.
The cut is the third this year.
Speaking to reporters, Fed Chairman Jerome Powell said the central bank would hold rates steady for "the foreseeable future",... adding that the current level is "likely to remain appropriate",... given the Fed's economic outlook of moderate economic growth,... a strong labor market,... and inflation growing at around two-percent.
Policymakers remained mostly optimistic over the U.S. economy,.. pointing to "solid" job gains,... and household spending rising at a "strong pace".
However, they said the rate cut was needed due to the continued slowing of the U.S. economy due to ongoing trade disputes and weak global growth.
According to the U.S. Commerce Department,... the U.S. economy grew one-point-nine percent in the third quarter,... falling short of the Trump administration's forecast of three percent.
President Trump has been pressuring Powell throughout the year to sharply cut interest rates to take the shackles off the economy.
Despite what Powell said on Wednesday, with Fed officials meeting again in six weeks,.. some analysts say they wouldn't be surprised if the Fed cut rates again in December.
Lee Seung-jae, Arirang News.