WASHINGTON: The US Federal Reserve on Wednesday lowered its benchmark lending rate by a quarter percentage point, bringing the target range to 3.75 per cent to 4 per cent, as policymakers grapple with limited economic data due to a federal government shutdown.
The rate cut marks the second reduction in borrowing costs this year.
The decision, approved by a 10-2 vote, comes as the US government’s funding lapse stretches into its fifth week.