President Trump calls for bigger rate cuts from Fed

The Federal Reserve cut its benchmark interest rate for the third straight meeting on Wednesday but signaled it may now pause, according to AP, setting up a potential clash with President Donald Trump, who has pressed for deeper reductions.

The Fed lowered the interest rate to about 3.6%, the lowest level in nearly three years. While cheaper borrowing costs can flow through to mortgages, auto loans and credit cards, those consumer rates also depend on market conditions.

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