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Federal Reserve Chairman Jerome Powell was set to meet with media members Wednesday to defend the central bank's decision to cut interest rates for the first time since December 2008. The Fed cited "implications of global developments for the economic outlook as well as muted inflation pressures" in its statement following the rate cut.
The Fed has been under fire from President Donald Trump for what he considers monetary policy that is too tight. Other issues the Fed has had to confront include a global economic slowdown, uncertainty around U.S.-China trade negotiations and stubbornly low inflation.
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