WASHINGTON, D.C. — The Federal Reserve (Fed) cut interest rates by a quarter of a percentage point on Thursday as its policymakers began taking stock of what could become a more complex economic landscape when President-elect Donald Trump takes office next year.

Fed Chairman Jerome Powell said the results of Tuesday's presidential election, which paved the way for a US chief executive who has pledged widespread deportation of immigrants, broad-based tariffs and tax cuts, would have no 'near-term' impact on US monetary policy.