WASHINGTON — The US central bank cut interest rates on Wednesday as expected, but Federal Reserve Chairman Jerome Powell said more reductions in borrowing costs now hinged on further progress in lowering stubbornly high inflation — remarks that showed policymakers are starting to reckon with the prospects for sweeping economic changes under a Trump administration.
Powell's explicit — and repeated — references to the need for caution from here on jolted Wall Street, sending stocks sharply lower, bond yields higher and leading investors to dial back estimates of how far borrowing costs are likely to fall over the coming year.
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