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Federal Reserve cuts its outlook for U.S. economy; stocks plunge

Fed Chairman Powell explains interest rate increase, expects two more hikes in 2019

Federal Reserve Chair Jerome H. Powell held a news conference Dec. 19 after Federal Open Market Committee announced it would raise short-term interest rates. 

The Federal Reserve on Wednesday confirmed fears that the U.S. economy is slowing and ratcheted back its plan to raise interest rates next year. But the central bank still hiked its benchmark interest rate a quarter-point, and markets plunged out of concern that the Fed may not be adequately reacting...

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