As anticipated, the Federal Reserve announced that it is cutting its target range for the federal funds rate. The new range is 2 to 2.25%. This is the first rate cut since the recession started in 2008. The Fed also plans to speed up the process of shrinking its balance sheet - it now hopes to complete the siphoning off of securities by August, rather than September. The Fed plans to continue monitoring the economy, and has not announced any plans to cut rates further this year.
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