Fed Cuts Interest Rates by Quarter Point

“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,” CNBC reports.

“Newly installed Governor Stephen Miran was the only one of those voting against the quarter-point move, instead advocating for a half-point cut.”

Wall Street Journal: “A narrow majority of officials penciled in at least two additional cuts this year, implying consecutive moves at the Fed’s two remaining meetings in October and December. The projections hint at a broader shift toward concern about cracks forming in the job market in an environment complicated by major policy shifts that have made the economy harder to read.”