US Federal Reserve cuts interest rates for the first time since December

The Federal Reserve's decision to cut interest rates by a quarter of a percent was largely in line with economists' expectations [Ken Cedeno/Reuters]

The United States Federal Reserve will cut interest rates by a quarter of a percentage point, so they will now be between 4.00 percent and 4.25 percent, as a slowing labour market stalls economic growth.

The Fed, the US central bank, announced its decision on Wednesday afternoon.