The Federal Reserve cut its benchmark interest rate by a quarter point to 4.5 percent and signaled it’s reluctant to reduce borrowing costs further.
“Wednesday’s action, combined with the policy action taken in September, should help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets,” the Federal Open Market Committee said in a statement after meeting Wednesday in Washington. “After this action, the upside risks to inflation roughly balance the downside risks to growth.”
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