US rates cut for seventh time

UNITED STATES - The US Federal Reserve has cut interest rates for the seventh time this year in a continued attempt to revive the US economy.

The Fed cut the main Federal Funds rate by a quarter point to 3.5%, its lowest level since early 1994. The move was widely expected as recent economic data has shown the US economy remaining sluggish and company profits still falling.

The Fed said it saw "economic weakness" as the main threat to the economy, which some saw as a sign that more rate cuts

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