Fed cuts rates for second-straight time to lowest level in three years
CNN
The Federal Reserve was widely expected to lower interest rates by a quarter point in order to support the waning job market.
• The Federal Reserve said Wednesday it is lowering its benchmark interest rate by a quarter point, to a new range of 3.75% and 4%. • Central bank officials have been forced to make the latest monetary policy determinations without key federal economic data, including inflation and jobs reports, due to the government shutdown. • If the data blackout persists for much longer — obscuring how the world’s largest economy is faring — central bankers may need to hold off on any rate cuts until there’s better clarity. While the majority of Federal Reserve officials voted Wednesday to lower interest rates by a quarter point, two central bankers cast different dissenting votes. Fed Governor Stephen Miran, a second-term Trump appointee who joined the Fed just last month, voted for a half-point cut, marking his second dissenting vote in a row. Kansas City Fed President Jeffrey Schmid, meanwhile, voted to hold rates steady.
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