US Fed 'almost set' to cut interest rate today

The Federal Reserve will almost certainly cut its key interest rate on Wednesday and could signal it expects another cut in December as the central bank seeks to bolster hiring.

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A cut on Wednesday would be the second this year and could benefit consumers by bringing down borrowing costs for mortgages and auto loans. Since Fed chair Jerome Powell strongly signalled in late August that rate cuts were likely this year, the average 30-year mortgage rate has fallen to about 6.2 per cent from 6.6 per cent, providing a boost to the otherwise-sluggish housing market.