The Federal Reserve has cut a key rate by a quarter-point and signalled two more cuts by year end. Photo: AP PHOTO

The Federal Reserve has cut interest rates by a quarter of a percentage point and indicated it will steadily lower borrowing costs for the rest of this year as it responds to concerns about weakness in the job market.

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Only new governor Stephen Miran, who joined the Fed on Tuesday and is on leave as the head of the White House's Council of Economic Advisers, dissented in favour of a half-percentage-point cut.

The rate cut, along with projections showing two more quarter

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