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Photo: YONHAP News
The US Federal Reserve on Wednesday decided to reduce its benchmark lending rate for the first time since December 2008.
At the Federal Open Market Committee meeting, the Fed decided to reduce its benchmark interest rate by a quarter point from 2% to 2.25%.
The committee said in a statement that it had made its decision in the light of "the consequences of the changing global situation on economic expectations, as well as the pressures of silent inflation".
Federal Reserve Chairman Jerome Powell said that this decision was not the beginning of a series of interest rate cuts and that the bank would do its utmost to maintain its expansion economic.
These comments caused confusion and led to a further fall in the stock markets. Investors wondered if the board of directors would further reduce interest rates at the committee meeting next month.
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