Federal Reserve board votes to cut interest rates
by Melissa Quinn
| October 30, 2019 02:00 PM
The Federal Reserve cut rates by a quarter point Wednesday in a widely expected move aimed at staving off a slowing economy and fears of a recession.
It was the third rate cut in a row for the monetary policy committee, bringing the target range for short-term interest rates to 1.5% to 1.75%.
Two Fed officials, Kansas City Fed President Esther George and Boston Fed President Eric Rosengren, voted against the rate cut and would have maintained the target range set in September.
A statement released by the central bank following its meeting in Washington, D.C., did not include a line indicating that another cut in rates may be coming, a signal that the Fed may not make further decreases when it meets in December.
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