WASHINGTON ¨C The Federal Reserve on Wednesday cut interest rates for the third time this year to ensure the U.S. economy weathers its trade war without slipping into a recession, but signaled it will leave borrowing costs where they are unless things take a material turn for the worse.
¡°We believe that monetary policy is in a good place,¡± said Fed Chair Jerome Powell in a news conference after the U.S. central bank announced its decision to cut its key overnight lending rate by a quarter of a percentage point to a target range of between 1.50 percent and 1.75 percent.
¡°We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook,¡± he said.
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