US Fed Cuts Key Interest Rate By 0.25%, Sending Stocks Tumbling
The US Federal Reserve on Wednesday cut interest rates by a quarter point and signaled a slower pace of cuts ahead, triggering a sharp sell-off in the financial markets. Policymakers voted 11-to-1 to lower the central bank's key lending rate to between 4.25 percent and 4.50 percent as expected, the Fed announced in a statement.
