Many had expected the Federal Reserve to cut interest rates by that amount and the Federal Reserve's move reduces its benchmark rate to a range of 1.75% to 2%.
The decision to cut rates comes as the central bank faces uncertainties caused by President Donald Trump's trade war with China, slower global growth and a drop in US manufacturing.The cut was approved on a 7-3 vote, with two officials wanting to keep rates unchanged and one arguing for a bigger 0.5% cut.
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