Britain's economy contracted for the first time in seven years last quarter, according to official data published Friday, as the impact of the country's decision to leave the European Union, and the government's threat to do so without a trade deal, takes its toll.
While the Fed action was widely expected -- even if the market was hoping for clear signals of future cuts -- here's my read on what this means for markets and how I am thinking about positioning going forward.
The prime rate is the lowest rate at which money can be borrowed from commercial banks by non-banks. It typically tracks with the federal funds rate and is generally about 3% higher than the Federal Reserve's rate.
