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The US Federal Reserve has cut interest rates by a quarter point, in an expected move as a part of what chairman Jerome Powell has characterised as a "mid-cycle adjustment" amid a maturing economic expansion.
The central bank's decision lowers the central bank's benchmark by 25 basis points, and puts it in the range of 1.5 to 1.75 per cent. The move had been expected by those in the financial industry.
In announcing its decision, the Federal Open Market Committee changed the language it used to describe its future plans, and cut a clause that said the Fed is committed to "act as appropriate to sustain the expansion" of the economy. The phrase was used by Mr Powell to set the stage for a July rate cut, and has been used in official documents since.
That clause was changed to be more moderate, and indicates that the Fed may not be intent on further cuts going forward, according to CNBC .
"The Committee will continue to monitor the implications of incoming information for the economic outlook as it assesses the appropriate path of the target range for the federal funds rate," a statement from the Fed reads.
Donald Trump UK visit: protests, placards and puttingShow all 100 1 /100Donald Trump UK visit: protests, placards and putting Donald Trump UK visit: protests, placards and putting Britain's Prime Minister Theresa May and US President Donald Trump walk to a joint news conference holding hands
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Donald Trump UK visit: protests, placards and putting People march holding anti-Trump signs in Edinburgh while the US. President is visiting Trump Turnberry Luxury Collection Resort in Scotland
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Donald Trump UK visit: protests, placards and putting President Donald Trump and first lady Melania Trump depart from Glasgow Prestwick Airport
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Donald Trump UK visit: protests, placards and putting Trump on the back
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Donald Trump UK visit: protests, placards and putting President Donald Trump waves whilst playing a round of golf at Trump Turnberry Luxury Collection Resort
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Donald Trump UK visit: protests, placards and putting Donut TrumpScotland United Against Trump demonstrators gather at the Scottish Parliament in Edinburgh
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Donald Trump UK visit: protests, placards and putting Donald Trump plays a round of golf at Trump Turnberry
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Donald Trump UK visit: protests, placards and putting People march holding anti-Trump signs
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Donald Trump UK visit: protests, placards and putting
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Donald Trump UK visit: protests, placards and putting Trump waves form golf course
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Donald Trump UK visit: protests, placards and putting
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Donald Trump UK visit: protests, placards and putting Trump goes for a stroll
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Donald Trump UK visit: protests, placards and putting Trump blimpA giant balloon depicting US President Donald Trump as an orange baby is launched as protesters gather in the Meadows, after taking part in the Scotland United Against Trump march through the streets of Edinburgh
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Donald Trump UK visit: protests, placards and putting U.S. President Donald Trump drives his golf buggy
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Donald Trump UK visit: protests, placards and putting A Greenpeace protester flying a microlight passes over Donald Trump's resort in Turnberry
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Donald Trump UK visit: protests, placards and putting President Donald Trump and first lady Melania Trump look at the media during their arrival on Air Force One at Glasgow Prestwick Airport in Scotland
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Donald Trump UK visit: protests, placards and putting Scotland United Against Trump demonstrators gather at the Scottish Parliament in Edinburgh
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Donald Trump UK visit: protests, placards and putting Security and police teams surround the perimeter of Trmup's golf course
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Donald Trump UK visit: protests, placards and putting Scotland United Against Trump demonstrators
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Donald Trump UK visit: protests, placards and putting Teams of police officers patrol the beach outside near Trump Turnberry Luxury Collection Resort
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Donald Trump UK visit: protests, placards and putting Pro-Trump supporters demonstrate outside the US Embassy in support of President Donald Trump's visit to the UK, in London
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Donald Trump UK visit: protests, placards and putting Scottish Labour leader, Richard Leonard speaks to crowd
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Donald Trump UK visit: protests, placards and putting Ex-pat
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Donald Trump UK visit: protests, placards and putting Demonstrators hold placards near the golf resort owned by US President
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Donald Trump UK visit: protests, placards and putting Protesters wear orange face makeup
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Donald Trump UK visit: protests, placards and putting Pro-Trump supporters demonstrate outside the US Embassy in London
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Donald Trump UK visit: protests, placards and putting Trump protestors on the beach near to the Trump Turnberry resort
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Donald Trump UK visit: protests, placards and putting Protestors against the UK visit of US President Donald Trump near Aberdeen
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Donald Trump UK visit: protests, placards and putting A mounted police officer patrols anti-Trump rally
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Donald Trump UK visit: protests, placards and putting Trump supporter Bill McGibbon outside his cottage near to the Trump Turnberry resort in South Ayrshire
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Donald Trump UK visit: protests, placards and putting
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Donald Trump UK visit: protests, placards and putting Queen Elizabeth II and President Donald Trump inspect an honour guard at Windsor Castle
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Donald Trump UK visit: protests, placards and putting
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Donald Trump UK visit: protests, placards and putting Queen Elizabeth II stands with US President Donald Trump and his wife, Melania, during their visit to Windsor Castle
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Donald Trump UK visit: protests, placards and putting Donald Trump walks ahead of Queen Elizabeth
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Donald Trump UK visit: protests, placards and putting
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Donald Trump UK visit: protests, placards and putting Donald and Melania Trump listen to the Coldstream Guards, play the US national anthem next to the Queen
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Donald Trump UK visit: protests, placards and putting Protesters in Windor
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Donald Trump UK visit: protests, placards and putting US President Donald Trump and first lady Melanie Trump are greeted by Queen Elizabeth II, during an arrival ceremony with the Guard of Honour at Windsor
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Donald Trump UK visit: protests, placards and putting Queen Elizabeth II waits to greet US President Donald Trump as he arrives by helicopter
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Donald Trump UK visit: protests, placards and putting Ed Miliband joins the march
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Donald Trump UK visit: protests, placards and putting PM and President
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Donald Trump UK visit: protests, placards and putting Protestors hold banners
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Donald Trump UK visit: protests, placards and putting UK meets US
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Donald Trump UK visit: protests, placards and putting Protests at Trump visit
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Donald Trump UK visit: protests, placards and putting Trump and May
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Donald Trump UK visit: protests, placards and putting Protests at Trump visit
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Donald Trump UK visit: protests, placards and putting Protesters for the 'Stop Trump' Women's March gather in London
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Donald Trump UK visit: protests, placards and putting US President Donald Trump and Britain's Prime Minister Theresa May hold a joint press conference
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Donald Trump UK visit: protests, placards and putting Donald Trump and Theresa May attend a press conference
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Donald Trump UK visit: protests, placards and putting Demonstrators protest against the visit of U.S. President Donald Trump
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Donald Trump UK visit: protests, placards and putting Prime Minister Theresa May walks with US President Donald Trump at Chequers
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Donald Trump UK visit: protests, placards and putting Donald Trump UK protest
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Donald Trump UK visit: protests, placards and putting First Lady, Melania Trump, tries her hand at bowls
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Donald Trump UK visit: protests, placards and putting US President and British Prime Minister at Chequers
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Donald Trump UK visit: protests, placards and putting Demonstrator in Black Lives matter T-shirt
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Donald Trump UK visit: protests, placards and putting Theresa May and Donald Trump enter Chequers
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Donald Trump UK visit: protests, placards and putting Protestors wearing Donald Trump and Theresa May paper mache heads join the protest in Butler's Cross
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Donald Trump UK visit: protests, placards and putting First Lady, Melania Trump, looks on as Philip May tries bowls
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Donald Trump UK visit: protests, placards and putting American Psycho poster
Angela Christofilou
Donald Trump UK visit: protests, placards and putting First Lady, Melania Trump, reacts as she tries her hand at bowls
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Donald Trump UK visit: protests, placards and putting Donald Trump protest in London
Angela Christofilou
Donald Trump UK visit: protests, placards and putting Theresa May, Donald Trump with US ambassador to the United Kingdom Woody Johnson and British Foreign Secretary Jeremy Hunt at the start of the bilateral meeting at Chequers
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Donald Trump UK visit: protests, placards and putting Melania Trump and Philip May wave flags
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Donald Trump UK visit: protests, placards and putting Donald Trump is greeted by Theresa May
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Donald Trump UK visit: protests, placards and putting The US First Lady Melania Trump, helps children to make poppies
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Donald Trump UK visit: protests, placards and putting The handshake between Donald Trump and Theresa May
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Donald Trump UK visit: protests, placards and putting Demonstrators raise a six meter high effigy of Donald Trump
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Donald Trump UK visit: protests, placards and putting Donald Trump stands alongside Theresa May after he arrived for talks at Chequers, her country residence in Buckinghamshire
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Donald Trump UK visit: protests, placards and putting A six-meter high cartoon baby blimp of Donald Trump hovers next to the statue of former Prime Minister Winston Churchill
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Donald Trump UK visit: protests, placards and putting First Lady, Melania Trump, accompanied by Philip May, meets schoolchildren and British Army veterans
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Donald Trump UK visit: protests, placards and putting A lookalike of former British Foreign Minister Boris Johnson stands next to a person in a cage wearing a money suit and a mask of Donald Trump
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Donald Trump UK visit: protests, placards and putting Donald Trump gestures as he prepares to board Marine One to depart the US ambassador's residence Winfield House
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Donald Trump UK visit: protests, placards and putting Demonstrators stand in front of a blimp portraying US. President Donald Trump, in Parliament Square
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Donald Trump UK visit: protests, placards and putting The Prime Minister hosts President Trump and First Lady Melania at a black tie dinner with business leaders at Blenheim Palace
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Donald Trump UK visit: protests, placards and putting The Prime Minister, accompanied by husband Philip, arrive with President Trump and First Lady Melania to a black tie dinner with business leaders at Blenheim Palace
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Donald Trump UK visit: protests, placards and putting The Prime Minister and President Trump are seen holding hands, not for the first time
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Donald Trump UK visit: protests, placards and putting President Donald Trump pumps his fist during his arrival, with first lady Melania Trump, in Regent's Park
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Donald Trump UK visit: protests, placards and putting Demonstrators bang pots and pans as they gather at the US ambassador residence in Regent's Park
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Donald Trump UK visit: protests, placards and putting US President Donald Trump and US First Lady Melania Trump walk in the grounds of the US ambassador's residence Winfield House
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Donald Trump UK visit: protests, placards and putting A demonstrator protests next to the specially erected fence surrounding the US ambassador's residence
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Donald Trump UK visit: protests, placards and putting A motorcade arrives at Winfield House in London, the residence of American Ambassador to the to the Court of St James's
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Donald Trump UK visit: protests, placards and putting A presidential helicopter lands in the grounds of the US ambassador residence in Regent's Park
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Donald Trump UK visit: protests, placards and putting Protesters chant and wave placards during a demonstration outside Winfield House
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Donald Trump UK visit: protests, placards and putting he Marine One helicopter carrying US President Donald Trump and First Lady Melania Trump flies past the BT Tower
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Donald Trump UK visit: protests, placards and putting Protesters chant and wave placards during a demonstration outside Winfield House
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Donald Trump UK visit: protests, placards and putting US President Donald Trump and First Lady Melania Trump disembark from Air Force One after arriving in the UK
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Donald Trump UK visit: protests, placards and putting US First Lady Melania Trump and US President Donald Trump are greeted by US Ambassador to the United Kingdom Woody Johnson
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Donald Trump UK visit: protests, placards and putting US President Trump and Melania Trump leaving Stansted Airport
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Donald Trump UK visit: protests, placards and putting An honour guard stands to receive US President Donald Trump and US First Lady Melania Trump
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Donald Trump UK visit: protests, placards and putting Donald and Melania
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Donald Trump UK visit: protests, placards and putting US President Donald Trump and First Lady Melania Trump greet Secretary of State for International Trade Liam Fox on their arrival
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Donald Trump UK visit: protests, placards and putting US Marine Corps Osprey aircraft taking off
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Donald Trump UK visit: protests, placards and putting Us President Donald Trump and First Lady Melania Trump disembark from Air Force One
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Donald Trump UK visit: protests, placards and putting US President Trump and Melania Trump arrive at Stansted
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Donald Trump UK visit: protests, placards and putting A giant 'Human Rights Nightmare' banner is unfurled by Amnesty International activists across the river Thames on Vauxhall Bridge to protest against the visit of US President Donald Trump
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Donald Trump UK visit: protests, placards and putting US President Donald Trump waves as he arrives in the UK
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Donald Trump UK visit: protests, placards and putting An armed police officier waits on the tarmac at Stansted Airport
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Donald Trump UK visit: protests, placards and putting US President Donald Trump and Melania Trump arrive at Stansted Airport
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Donald Trump UK visit: protests, placards and putting Armed police await the arrival of US President Donald Trump at Stansted Airport
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The US economy is in its 11th year of expansion, which has been made possible by solid consumer spending and a relatively strong job market.
Mr Powell has said that the US economy remains strong, though has noted that some factors could lead to disturbances. Those factors include Donald Trump's ongoing trade war with China, a decline in US manufacturing, and a weaker global economy.
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