WATCH: Fed cuts rate by a quarter point, cites ‘global developments,’ ‘muted inflation’

The Federal Reserve lowered its benchmark rate by a quarter point Wednesday as an insurance policy not against what’s wrong with the economy now, but what could go wrong in the future. It was the first rate cut by the central bank in more than a decade. Amid President Donald Trump’s intense political pressure and persistent market expectations, the policymaking Federal Open Market Committee dropped the target range to 2% to 2.25% for its overnight lending rate, or 25 basis points from the previous level.-- More...