Fed cuts key rate for first time since ’08

WASHINGTON — The Federal Reserve cut its key interest rate Wednesday for the first time in a decade to try to counter threats ranging from uncertainties caused by President Donald Trump’s trade wars to chronically low inflation and a dim global outlook.

The Fed also repeated a pledge to “act as appropriate to sustain the expansion” — wording that the financial markets have interpreted as a signal of possible future rate cuts.

Stocks tumbled soon after the Fed issued its statement at 2 p.m. Eastern time. The Dow Jones Industrial Average, which had been nearly flat before the announcement, was off nearly 300 points about an hour later just as Chairman Jerome Powell was holding a news conference. Investors appeared disappointed that Powell declined to say that the Fed envisions multiple rate cuts to follow Wednesday’s.

The central bank reduced its benchmark rate — which affects many loans for households and businesses — by a quarter-point to a range of 2% to 2.25%. It’s the first rate cut since December 2008 during the depths of the Great Recession, when the Fed slashed its rate to a record low near zero and kept it there until 2015.

Plant-based burger maker turns to Aurora company to expand production

After months of shortages, Impossible Foods is partnering with OSI Group, an original supplier to McDonald’s and one of the world’s largest food producers, to ramp up supplies of its popular plant-based burgers.

OSI, based in west suburban Aurora, will immediately begin production of the Impossible Burger at one of its Midwest plants and expand to other facilities soon.

Impossible Foods has been struggling since April to meet demand from customers, including White Castle and Burger King.

Impossible Foods President Dennis Woodside says OSI will help the company double its production in the near term and quadruple it by the end of 2019.