The US Federal Reserve cuts interest rates for the third time this year as the economy continues to slow down
The federal funds rate, which affects the cost of mortgages, credit cards and other borrowing, will now hover between 1.5% and 1.75%.It isn't clear whether the move will be enough to head off another rate cut in December, the final meeting of the year. Federal Reserve chairman Jerome Powell is set to speak at a press conference later Wednesday afternoon.
The Fed chairman has been under pressure all year by President Donald Trump to continue juicing the economy by sharply cutting interest rates, which are already at historically low levels, as he seeks to bolster his chances of winning next year's election in 2020. Data released earlier on Wednesday, however, showed the economy may be slowing, making Powell's job even more difficult as he seeks to keep the country's longest running economic expansion running.
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