The Federal Reserve cut its benchmark interest rate by a quarter point on Thursday as its chair Jay Powell hailed the strength of the US economy and said he would not resign if incoming president Donald Trump asked him to.
The unanimous decision, two days after an election result that created fresh uncertainty about the outlook for the world’s largest economy, lowered the Fed’s target range to 4.5 per cent to 4.75 per cent. That marked a decline in the pace from September’s half-point cut, which rate-setters made to stave off weakness in the jobs market.
The Fed’s two-day meeting started on Wednesday, a day later than usual because of Tuesday’s US election, in which the Republicans trounced the Democrats.
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