Federal Reserve cuts rate by 0.25%, defying Trump’s demand for “Big Interest Rate Drop”

The Federal Reserve cut its benchmark rate by a quarter percentage in a bid to keep trade wars and the threat of a global recession – what it delicately called “global developments” – from tanking America’s decade-long expansion. President Donald Trump reacted to the decision by tweeting: “Jay Powell and the Federal Reserve Fail Again. No `guts,’ no sense, no vision!”