SYDNEY—Australia became the largest developed economy to cut interest rates in 2019, lowering borrowing costs for the first time in nearly three years to offset the effects of global trade tensions and a slowdown in China. The move comes as market participants grow more convinced that the Federal Reserve will likely cut rates later this year and follows a string of reductions by neighboring Asia-Pacific nations.

Source: Wall Street Journal June 04, 2019 04:33 UTC