Federal Reserve cuts key interest rate in its first reduction in more than decade

WASHINGTON (AP) — The Federal Reserve cut its key interest rate Wednesday for the first time in a decade.The Federal Reserve also repeated a pledge to "act as appropriate to sustain the expansion" — wording that the financial markets have interpreted as a signal for possible future rate cuts.The initial reaction in the financial markets was muted. Stocks fell slightly after the Fed issued its statement at 2 p.m. Eastern time.The central bank reduced its benchmark rate — which a