Fed cuts rates a second time

The Federal Reserve on Wednesday cut interest rates for the second time in two months amid growing worries about a potential global slowdown.

Officials also left the door open for a further rate cut this year, reinforcing the message by Fed chairman Jerome Powell that policymakers would do whatever necessary to prevent a recession.

The federal funds rate, which controls the cost of mortgages, credit cards and other borrowing, will now hover between 1.75% and 2%.

This is a breaking story and will be updated.