A sharply divided Federal Reserve cut its key benchmark interest rate for a second time this year while saying it’s prepared to continue doing what it deems necessary to sustain the U.S. economic expansion.
The Fed’s move will reduce its benchmark rate by an additional quarter-point to a range of 1.75% to 2%. The Fed’s key rate influences many consumer and business loans.
The action was approved on a 7-3 vote, with two officials wanting to keep rates unchanged and one arguing for a bigger half-point cut. It was the largest number of Fed dissents in three years.
(Read more: Augusta Gazette)