FOMC lowers federal funds rate by 25 basis points to 1.5% - 1.75% range as expected

Following its 2-day meeting, the Federal Open Market Committee (FOMC) on Wednesday announced that it lowered the benchmark interest rate by 25 basis points to the target range of 1.75% - 2% in a widely expected decision. Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is scheduled to deliver his comments on the monetary policy outlook in a press conference at 18:30 GMT. 

With the initial reaction, the US Dollar Index edged higher and was last up 0.07% on the day at 97.75.

Key takeaways from the policy statement (via Reuters)