The Fed has lowered its benchmark rate by 50 bps to provide a "meaningful boost" to the economy, in words of Chair Jerome Powell. US President Donald Trump has tweeted support and called for "more easing and cutting". The Fed's last emergency rate cut was in 2008. Australia and Malaysia have also cut rates, with the RBA declaring a 25bp rate cut to 0.50 percent, and saying "The Board is prepared to ease monetary policy further to support the Australian economy".
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