US rates cut - but no cuts here until 2025. But are recession drums beating in America?

The US Federal Reserve has slashed interest rates by half a percentage point amid concerns that the world's biggest economy might be headed towards a recession. Anthony Albanese has hosed down hopes for a rate cut in Australia saying the US is cutting from higher levels. Federal Reserve chairman Jerome Powell says the looming presidential election played no role in rate cut considerations. Reporter: Peter Ryan, Senior Business Correspondent Featured: Jerome Powell, chairman, US Federal Reserve; Jeremy Gundlach, investor; Donald Trump, US presidential candidate; Anthony Albanese, Prime Minister Keywords: