Usd/maj. - The Federal Open Market Committee decided to lower its target for the federal funds rate 75 basis points to 2.25%. Recent information indicates that the outlook for economic activity has weakened further. Growth in consumer spending has slowed and labor markets have softened. Financial markets remain under considerable stress, and economic growth over the next few quarters. However, the Committee expects inflation to moderate in coming quarters, reflecting a projected levelling out of energy and other commodity prices and an easing of pressures on resource utilization.
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