Fed Announces New Rate Cut
October 30, 2019
The Federal Reserve has announced its third rate cut since July.
In a statement issued by the policymaking Federal Open Market Committee, the central bank stated it would “lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent. This action supports the Committee's view that sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric two percent objective are the most likely outcomes, but uncertainties about this outlook remain.”
The Committee’s vote came with two dissenters: Esther George of the Kansas City Fed and Eric Rosengren of the Boston Fed, who sought to retain the target range at 1-3/4 percent to two percent. The Fed’s action follows rate cuts in July and September—prior to that, the central bank had not cut rates since December 2008.
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