By Jeff Cox
WASHINGTON – The Federal Reserve on Wednesday approved a widely anticipated rate cut and signaled that two more are on the way before the end of the year as concerns intensified over the U.S. labor market.
In an 11 to 1 vote that signaled less dissent than Wall Street had anticipated, the Federal Open Market Committee lowered its benchmark overnight lending rate by a quarter percentage point. The decision puts the overnight funds rate in a range between 4%-4.25%.
Newly installed Governor Stephen Miran was the only one of those voting against the quarter-point move, instead advocating for a half-point cut.
Governors Michelle Bowman and Christopher Waller, looked at for possible additional dissents, both voted for the 25 basis point reduction. All were appointed by President Donald Trump, who has badgered the Fed to cut not merely in its traditional quarter-point moves but to lower the fed funds rate quickly and aggressively.
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