New Delhi, Aug. 1 -- The US Federal Reserve has lowered its policy interest rate by a quarter percentage point. The rate cut, the first since 2008, was expected. US inflation is weak and America's central bank aims to keep the American economy in expansion mode in the face of trade tensions and a global downturn. The Fed Chairman Jerome Powell, however, made it clear that the rate reduction is only a mid-cycle policy adjustment and does not herald a lengthy easing cycle. This is because the US labour market remains strong and economic activity is still rising at a moderate pace....