The US central bank has cut interest rates again, hoping to shield the economy from the impact of trade wars and a global slowdown.

The Federal Reserve lowered the target for its benchmark rate by a quarter point, to a range of 1.5% to 1.75%. The move was the third cut in four months, reports BBC.

The decision comes as US economic growth slowed to an annual rate of 1.9% in the most recent quarter.

Fed Chair Jerome Powell implied the bank would hold off on further cuts.

Global economic growth has slowed and inflation also remains lower than the Fed would like, moderating fears that further rate cuts will trigger a damaging acceleration in prices.