British News Agency

The Federal Open Market Committee (FOMC) approved a quarter-point cut by a 9-3 vote, the greatest level of dissent since 2019, lowering the target range for the federal funds rate to 3.5%–3.75%.

The minutes stated that “most participants judged that it would be appropriate to lower the target range further if inflation continues to decline as expected.”

Officials expressed confidence that the economy would continue to grow at a moderate pace, while noting downside risks to employment and upside risks to inflation.

The Fed also decided to restart its bond-buying program, purchasing short-term Treasury bills to ease pressures in short-term funding markets.