Fed cuts rates by half a point

US - As was expected the US central bank the Federal Reserve has cut interest rates for the fifth time this year by 0.5%.

At 4%, the US benchmark lending rate is now at the lowest it has been for seven years.

The move by the Federal Reserve was designed to bolster the nation's flagging economy by lowering borrowing costs and encouraging consumers to spend.

And in a key statement accompanying its decision, the Fed also hinted that more rate reductions could be on the way. "The risks are weighte

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