Sept. 17 (UPI) -- The Federal Reserve on Wednesday announced a 0.25% rate cut in the wake of U.S. President Donald Trump's demands to do so amid ongoing tariff worries for the economy.
The Federal Open Market Committee voted 11-1 to issue the quarter-percent rate cut and said two more 0.25% reductions are likely before the end of the year, CNBC reported.
The only committee member who voted against the rate cut is Governor Stephan Miran, who preferred a 0.5% rate reduction.
Miran was confirmed by the GOP-controlled Senate in a 48-47 vote on Monday.
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