Fed slices interest rates for second time since 2008 recession

The Federal Reserve cut its benchmark lending rate by one-quarter of a point on Wednesday, the second time this year it has reduced rates in the face of a weakening global economy.

The central bank's new interest rate is now 1.75 percent to 2 percent, according to a statement issued after a two-day monetary policy meeting by the Federal Open Market Committee, the voting arm of the Fed.

While President Donald Trump has repeatedly pushed for rates of "ZERO or less" — a move he believes will boost the economy and drive the stock market higher — Fed Chairman Jerome Powell has resisted such pressure on the central bank, an independent and apolitical body. Powell reiterated in a press conference after the FOMC decision that the Fed remains focused on making "data-dependent" decisions and acting "as appropriate to sustain the current economic expansion."

Despite promoting a rate cut, Trump was swift to criticize the Fed's move, tweeting that "Powell and the Federal Reserve Fail Again. No “guts,” no sense, no vision! A terrible communicator!"