ByTy Roush,
Forbes Staff.
The Federal Reserve on Wednesday opted to cut interest rates, the third-straight vote in favor of a reduction, as Wall Street anticipated a cautious approach to monetary policy from the central bank next year.
The Federal Open Market Committee voted 9-3 in favor of lowering interest rates by a quarter-point to between 3.5% and 3.75%, down from the 3.75% and 4% range the central bank approved during the FOMC’s October meeting.
Three Fed officials dissented for the first time since September 2019: Fed Governor Stephen Miran preferred to lower the range by a half-point, while Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeffrey Schmid preferred for rates to be held as is.
