Fed cuts rates a second time as Trump’s trade wars spur global economic concerns

The Federal Reserve has once again cut interest rates for a second time amid fears of a global economic downturn and concerns Donald Trump’s trade wars with China could risk further instability among world markets.

The Fed previously cut the rate to a range of 2 to 2.5 per cent in July while hinting at further cuts this year.

Those cuts came on Wednesday, as the Fed announced a cut of the main target rate to a range of 1.75 to 2 per cent.

The second modest cut was announced on Wednesday afternoon, as Federal Reserve Chairman Jerome Powell was set to deliver remarks at a press conference that would likely focus on current global economic challenges like the trade confrontation between Washington and Beijing, as well as the recent attacks on a series of oil production sites in Saudi Arabia.

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