As noted, the rate has been reduced to 1.5-1.75% from the previous level of 1.75-2% per annum.
As part of the July meeting, the regulator lowered the base rate for the first time in 10 years. Many years before this, the Fed either kept or raised it.
US President Donald Trump has repeatedly criticized Fed decisions. In his opinion, they put the country at a disadvantage in comparison with competitors.