U.S. Fed cuts interest rates for first time since 2008

U.S. Federal Reserve Chairman Jerome Powell speaks during a press conference in Washington D.C., the United States, on July 31, 2019. U.S. Federal Reserve on Wednesday lowered interest rates for the first time since the 2008 global financial crisis, amid rising concerns over trade tensions, a slowing global economy and muted inflation pressures. The Federal Open Market Committee, the Fed's rate-setting body, trimmed the target for the federal funds rate by 25 basis points to a range of 2 percent to 2.25 percent after concluding its two-day policy meeting, in line with market expectation. (Xinhua/Liu Jie)