(Reuters) - U.S. interest rates have never been as low as they are now at the start of any past Federal Reserve interest rate reduction cycle.

FILE PHOTO: Flags fly above the Federal Reserve building in Washington, DC, U.S., August 22, 2018. REUTERS/Chris Wattie

Here’s a look at each rate-cutting cycle since 1994, when the Fed began announcing its policy actions:

July 2019

Fed funds target rate before first cut: 2.25%-2.50%

First cut: 0.25 percentage point

Fed chair: Jerome Powell

Catalyst: Slowing of activity

Dissents: Kansas City Fed’s Esther George, Boston Fed’s Eric Rosengren

September 2007

Fed funds target rate before first cut: 5.25%

First cut: 0.50 percentage point

Fed chair: Ben Bernanke

Catalyst: U.S. housing market bust; global credit crunch

Last cut: December 2008

Number of rate cuts: 10

Fed funds target rate after last cut: 0.00%-0.25%

January 2001

Fed funds target rate before first cut: 6.50%

First cut: 0.50 percentage point

Fed chair: Alan Greenspan

Catalyst: Dot-com stock market bust; weakening U.S. output

Last cut: June 2003

Number of rate cuts: 13

Fed funds target rate after last cut: 1.00%

September 1998

Fed funds target rate before first cut: 5.50%

First cut: 0.25 percentage point

Fed chair: Alan Greenspan

Catalyst: Asian and Russian currency crises; collapse of hedge fund Long Term Capital Management

Last cut: January 1999

Number of rate cuts: 3

Fed funds target rate after last cut: 4.75%

July 1995

Fed funds target rate before first cut: 6.00%

First cut: 0.25 percentage point

Fed chair: Alan Greenspan

Catalyst: Slowing of activity

Dissent on first cut: Kansas City Fed’s Thomas Hoenig

Last cut: January 1996

Number of rate cuts: 3

Fed funds target rate after last cut: 5.25%