The US Federal Reserve's Federal Open Market Committee (FOMC) decided yesterday to lower interest rates by 25 basis points to 4.25 per cent.
The FMOC attributed the cut to slowing economic growth, which reflects the intensification of the housing market correction and a softening in business and consumer spending.
It also expressed concern for strains in the financial markets, admitting recent conditions have increased uncertainty for the outlook of the economy.
“The Committee will continue to assess the effects of financial and other developments on economic prospects and will act as needed to foster price stability and sustainable economic growth,” a FMOC statement said.
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