The Federal Open Market Committee announced today that it will lower the target range for the federal funds rate by 25 basis points to 3.75%-4%. Fed Governor Stephen Miran voted against the motion, preferring to cut the rate by 50 basis points, as did Kansas City Fed CEO Jeffrey Schmid, who preferred no change to the target range.
Available indicators suggest that economic activity has been expanding at a moderate pace, the FOMC said in a statement after the vote. Job gains have slowed this year, and the unemployment rate has edged up but remained low through August. Inflation has moved up since earlier in the year and remains somewhat elevated
