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Fed Cuts Rates Again, Mixed Signals Next

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Fed Cuts Rates Again, Mixed Signals Next

2019-09-18 17:19:13

NEW YORK (Reuters) - The U.S. Federal Reserve cut interest rates by a quarter of a percentage point for the second time this year on Wednesday in a widely expected move meant to sustain a decade-long economic expansion, but gave mixed signals about what may happen next. HIGHLIGHTS: ** Fed cuts target interest rate 25 basis points to a range of 1.75-2.00% ** Median Fed policymaker projection is for no further cuts in 2019 but seven of 17 policymakers saw one more cut as appropriate ** Fed sets interest on excess reserves rate at 1.80%, widening the spread from top of target range to 20 bp from 15 bp, to better control its policy rate ** Fed sets offering rate for overnight repos at 1.70%, 5 bp below bottom of fed funds target range MARKET REACTION: STOCKS: U.S. stocks extended slight losses but rose off their lowest levels, with the S&P 500 .

 

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