Fed cuts rates, but hawkish commentary leaves markets edgy

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Fed cuts rates, but hawkish commentary leaves markets edgy

Aug 01, 2019 10:59 IST

In a widely expected move, the US Federal Reserve announced a 25 basis point rate cut, citing signs of a global slowdown, simmering U.S. trade tensions and a desire to boost too-low inflation. However, it was an anti- climactic situation for global stock markets, as a hawkish Fed Chairman Powell dampened expectations for further cuts, warning that the move might not be the start of a lengthy campaign. As a result, the Dow and S&P 500 registered their biggest daily percentage drops in two months and Asia traded nervously.