Expectations are high for the US Federal Reserve to deliver the year’s second interest rate cut on Wednesday as members conclude a hotly-anticipated policy meeting in Washington. With the meeting underway, central bank officials on Tuesday also moved for the first time in a decade to prevent market fluctuations from pushing short-term interest rates beyond the Fed’s control. US Federal Reserve Chairman Jerome Powell has sent strong signals in recent weeks that a rate cut is coming, vowing that policymakers stand ready to “act as appropriate” amid “significant risks” to the economy — notably President Donald Trump’s trade wars. He is due to make his announcement at 1800 GMT on Wednesday afternoon. Meanwhile, the New York Fed on Tuesday announced emergency measures to pump billions into the banking system through arrangements known as repurchase agreements in order to bring down short-term lending rates. Elsewhere, futures markets, which project the odds of a rate cut, fluctuated wildly during the day on Tuesday. After a rate cut appeared a near certainty last week, the odds were cut to about even shortly after 2200 GMT. However, futures are influenced by movements in the effective Fed funds rate, which had bounced higher earlier Tuesday… Read full this story
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