The Federal Reserve on Wednesday voted 9-3 to cut interest rates by 25 basis points – or 0.25% of a percent – to 3.5% – 3.75%.
This is the third rate cut since President Trump was sworn into office.
Stephen Miran, the Trump-appointed Federal Reserve Governor, voted ‘no’ because he favored a 50 basis point reduction.
CNBC reported:
A Federal Reserve split over where its priorities should lie lowered its key interest rate Wednesday, but signaled a tougher road ahead for further reductions.
Fulfilling expectations of a “hawkish cut,” the central bank’s Federal Open Market Committee cut its key overnight borrowing rate by a quarter percentage point, putting it in a range between 3.5%-3.75%.
However, the move carried caution flags about where policy is headed from here and featured “no” votes from three members, which hasn’t happened since September 2019.
The 9-3 vote again featured hawkish and dovish dissents – Governor Stephen Miran favored a steeper half-point reduction while regional presidents Jeffrey Schmid of Kansas City and Austan Goolsbee of Chicago backed holding the line. In Fed parlance, hawks are generally more concerned about inflation and favor higher rates while doves focus on supporting the labor market and want lower rates.
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