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Fed Rate Cuts First Since 2008

The Federal Open Market Committee voted 8-2 to cut benchmark interest rates by 25 basis points to a range of 2 to 2.25 percent. The cut to the federal funds rate was the first since 2008 and follows four rate increases last year. In a news conference, Fed Chairman Jerome Powell said it was not the beginning of a long series of cuts, but that the Fed will continue to adjust its policies based on economic data.

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