The Federal Reserve on Wednesday cut interest rates for the third time this year to ensure the U.S. economy weathers its trade war without slipping into a recession, but signaled it will leave borrowing costs where they are unless things take a material turn for the worse.
"We believe that monetary policy is in a good place," said Fed Chair Jerome Powell in a news conference after the U.S. central bank announced its decision to cut its key overnight lending rate by a quarter of a percentage point to a target range of between 1.50 percent and 1.75 percent.
"We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook," he said.