Breaking: USD initially rises after Fed cuts rates

The Fed has cut rates by 25 basis points as expected in decision marked by dissent. One member voted to cut rates and two wanted a hike.

The USD is initially stronger.

The dot-plot shows no cuts through the end of 2020. However, seven members want a cut this year. 

-- more to come

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The Federal Reserve was expected to cut interest rates once again – following on the rate reduction seen in July – the first one in over a decade. Weaker global growth and downbeat investment are reasons to cut, while inflation and wages have risen. 

The Fed publishes its statement, dot-plot, and Chair Jerome Powell's press conference are all eyed. Will he describe it as a "mid-cycle adjustment"?