US Federal Reserve cuts benchmark lending rate

US Federal Reserve last night cut the benchmark lending rate for the first time in more than a decade, moving to stimulate the economy. 

The target for the federal funds rate is now 2.0. It was 2.25 per cent earlier. The central bank vowed to "act as



appropriate to sustain the expansion." 

However, two officials on the policy-setting Federal Open Market Committee opposed the move to provide more stimulus to the economy and dissented in the vote.