Federal Reserve cuts US interest rates for third time this year

But central bank's reluctance to further reduce borrowing costs could rile Donald Trump

The US central bank has cut interest rates for the third time this year in an attempt to keep the longest running period of growth in the country's history continuing into the crucial election year of 2020.

But the Federal Reserve put itself on a potential collision course with Donald Trump when it signalled to the financial markets that it had no immediate intention of cutting the cost of borrowing further.