11/20, 8:01 PM (Source: TeleTrader)
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Fed justifies rate cuts with trade war uncertainties

Federal Open Market Committee meeting minutes released on Wednesday showed that the main reason behind the October rate cut is trade war and uncertainties related to it, including a slowdown in global growth spilling over to the United States.

In the intermeeting period, economic and business data indicated the weakening of the economy, however, by the end of the period, positive developments on Brexit and US-China trade relations helped domestic financial conditions end the period little changed, the release noted.

Participants' views on the economic outlook remained positive overall and changed little since the September meeting. There was a general agreement that no further cuts would be necessary unless economic conditions change significantly. The committee's next policy two-day meeting is scheduled for December 10 and 11.

Breaking the News / NI