The Fed cut was intended to offset the sharp tightening in credit conditions in the past two months that threatens to plunge a weakening economy into a deep recession.
US stocks swung wildly in the immediate aftermath of the Fed's move. By mid-afternoon in New York, the S&P 500 was down 0.3 per cent at 938.11.
The US central bank said the pace of economic activity had “slowed markedly, owing importantly to a decline in consumer expenditures”. Business spending was also weaker and the global growth slowdown was “dampening the prospects for US exports”.
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