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Washington  — The Federal Reserve indicated a readiness to cut interest rates for the first time in more than a decade to sustain a near-record US economic expansion, citing “uncertainties” in their outlook.

While chair Jerome Powell and fellow policymakers left their key rate in a range of 2.25% to 2.5% on Wednesday, they dropped a reference in their statement to being “patient” on borrowing costs and forecast a larger miss of their 2% inflation target in 2019...

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