Australian central bank reduces benchmark interest rate to 3.85% in second cut this year

MELBOURNE, Australia (AP) — Australia's central bank on Tuesday reduced its benchmark interest rate by a quarter percentage for a second time this year, to 3.85% after inflation fell within a target range. The Reserve Bank of Australia reduced its cash rate from 4.1%. The reduction from 4.35% at its February board meeting was Australia's first rate cut since October 2020. The rate cut was anticipated, although expectations had declined slightly after the United States and China agreed last week to cut back recent tariff hikes for 90 days, reviving stalled trade between the world two biggest economies. The bank…