The Fed cut interest rates by a quarter point. Officials left the door open for more but were split over the outlook for further reductions.
The Federal Reserve voted to cut interest rates by a quarter-percentage point for the second time in as many months to cushion the economy against a global slowdown amplified by the U.S.-China trade war.
While they left the door open to additional cuts, officials were split over Wednesday's decision and the outlook for further reductions. Seven of 10 officials voted in favor lowering the short-term benchmark to a range between 1.75% and 2%. As in July, two reserve bank presidents dissented from the decision in favor of holding rates steady. Fed Chairman Jerome Powell faced a third dissent from a bank president who preferred a larger, half-point cut.
The policy statement released after the meeting was little changed from July, when officials held the door open to future rate cuts. As the rate-setting committee "contemplates the future path" of its policy rate, "it will continue to monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion," the statement said, repeating its language from July.
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