July 31 (UPI) -- Weeks of speculation were put to rest Wednesday when the Federal Reserve announced a quarter-percent interest rate cut in its mid-year assessment of U.S. economic health.
The Federal Open Market Committee lowered the benchmark rates first the first time in a decade -- to 2 percent to 2.25 percent. The FOMC cited the "implications of global developments for the economic outlook as well as muted inflation pressures" as its reasoning for the cut. The committee said growth is moderate and the labor market is strong.