Federal Reserve cuts interest rates by 0.25% – its first in a decade

Fed chief Jerome Powell 'let us down', says Trump amid disappointment that rates were not cut harder

The US Federal Reserve has cut interest rates for the first time in more than a decade and signalled its readiness to provide more support as growth slows in the world's largest economy.

The US central bank cut its key benchmark interest rate by a quarter of a percentage point, to a range of 2%-2.25%, in the first reduction in borrowing costs since immediately after the financial crisis a decade ago.