Fed cuts interest rates for first time in a decade

The Federal Reserve cut interest rates by a quarter-point Wednesday for the first time since 2008, in a move with implications for President Trump’s reelection bid.

Facing pressure from the president and heavy market expectations, the Federal Open Market Committee dropped the target range for its overnight lending rate 25 basis points from the previous level.

The central bank cited the impact of global developments on the U.S. economic outlook, and “muted inflation pressures” as reasons for rate cut.

The committee called current growth “moderate” and said the labor market is “strong,” but decided to lower the rate anyway.