WASHINGTON: The U.S. central bank has slashed interest rates for the first time since the 2008 recession by the Federal Reserve. This major step has been taken by the Federal Reserve to avoid any further deterioration in the economy.

According to media reports received, interest rates have been fixed to be between 2 and 2.25, which will have an impact on credit cards and a wide range of loans. Benchmark rates have been cut by nearly a quarter per cent by the Federal Reserve. The Fed's announcement came after the fall in the price of crude oil and gold in the international market. Crude oil has declined to $63.99 a barrel, and the U.S. gold futures for October have declined 0.4 percent to $1,431.80 per ounce.

The news has also disappointed the US market and the stock market has seen a steep fall and that's because President Trump has indicated that the Federal Reserve is simply cutting interest. 

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