The Federal Open Market Committee today voted to lower the target range of the federal funds rate by 25 basis points, to 3.5%-3.75%. However, three FOMC members voted against the cut.
In a statement after the meeting, the FOMC said that economic activity has been expanding at a moderate pace. “Job gains have slowed this year, and the unemployment rate has edged up through September,” it said. “More recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated.”
Fed Governor Stephen Miran voted against the cut, instead preferring a cut of 50 basis points. Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeffrey Schmid also voted against the cut as they sought no change to the target range.










