US Federal Reserve cuts its key interest rate first time in a decade

UPDATED ON FEB 26, 2020 11:56 AM IST
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US Federal Reserve cut its key interest rate for the first time in a decade. According to the Federal Reserve, the move is undertaken to counter threats owing to uncertainties due to US President Donald Trump's trade wars to low inflation. Stocks tumbled soon after the Fed issued its statement. Dow Jones Industrial Average sank about 300 points. The central bank reduced its benchmark rate which affects loans. It's the first rate cut since the 2008 economic slowdown. Fed slashed its rate to a record low near zero and kept it there until 2015.

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