The Fed cut interest rates by a quarter point, but it also reaffirmed its rate cut was meant to serve as insurance for the economy.
's news conference that central bankers: "Fail Again. No 'guts,' no sense, no vision!" The Fed's cut brought the target rate range down to 1.75% to 2%. The central bank also redcued by 30-basis-points the interest paid on so-called excess reserves.
Going forward "we are going to be highly data-dependent" in deciding on further rate moves, Powell added.The Hapag-Lloyd AG Leverkusen Express sails out of the Yangshan Deepwater Port, operated by Shanghai International Port Group Co. , in this aerial photograph taken in Shanghai, China, on Wednesday, Aug. 7, 2019.
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