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Economy

Fed cuts rates again, signals holding pattern for now

The benchmark rate lowered to 1.75% to 2% range

WASHINGTON (Reuters) -- The U.S. Federal Reserve cut interest rates again on Wednesday to help sustain a record-long economic expansion but signaled a higher bar to further reductions in borrowing costs, eliciting a fast and sharp rebuke from President Donald Trump.

Describing the U.S. economic outlook as "favorable," Fed Chair Jerome Powell said the rate cut was designed "to provide insurance against ongoing risks" including weak global growth and resurgent trade tensions.

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