Breaking: Fed cuts interest rates by half a point

Tuesday’s cut, which lowered the federal-funds rate to a range between 1% and 1.25%, is the first to occur in between a scheduled policy meeting since the 2008 financial crisis.

The action was approved unanimously. In a statement, the central bank also held out the prospect for further stimulus. “The committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy.,” the statement said.