The Federal Reserve cut US interest rates by a quarter point on Wednesday, but warned a further reduction this year was not a “foregone conclusion” as a government shutdown clouds the outlook.
Concerns about weak job growth coupled with signs of funding tightness in money markets prompted the Fed’s move to halt efforts to shrink its balance sheet, starting in December.
But Wednesday’s decision to lower the benchmark rate to 3.75 per cent to 4 per cent drew some dissent on the 12-member Federal Open Market Committee, casting further doubt on its strategy at the next meeting in December.
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