The US Federal Reserve cut the benchmark federal funds rate rate by a quarter of a percentage point to 4.5 per cent today to buffer the economy against a housing downturn and tighter credit conditions.
The decision by the central bank's Federal Open Market Committee was widely expected by financial markets.
The US central bank lowered rates by a more aggressive half-percentage point at a meeting last month to 4.75 per cent in response to market turmoil and abruptly higher risks to economic growth.
