Scott Horsley

Scott Horsley, NPR News, Washington.

We are going to get a whole lot more information about both inflation and unemployment before the next Fed meeting in January.

And that's something we have been really starved for in the last couple of months.

Because of the government shutdown, we never got those numbers for October.

And the November numbers have been delayed until next week.

So the next time Powell and his colleagues gather, we may have a clearer picture of which way the economy is headed.

There were three dissenting votes, and they came from both sides.

Two members of the committee wanted to hold rates steady, and a third wanted to go with an even bigger half-point rate cut.

Now, that's unusual for a group that usually tries to operate with a lot of consensus.

In fact, it's the first time in six years that there was this much disagreement on a rate vote.

But Powell says, look, that's OK.

The committee was somewhat hampered by a lack of information.

You know, because of the six-week government shutdown, we never got unemployment or inflation numbers for October.

And November's data is delayed until next week.

Investors cheered when the central bank voted to lower its benchmark interest rate by a quarter percentage point.

Fed Chairman Jerome Powell says the rate cut is designed to boost the slowing job market, even though prices are still climbing faster than the central bank would like.

The rate cut was widely expected, but the vote was not unanimous.

Three members of the rate-setting committee dissented, with two voting to hold rates steady, while a third, President Trump's recent pick, wanted an even bigger half-point cut.

Scott Horsley, NPR News, Washington.

Investors cheered when the central bank voted to lower its benchmark interest rate by a quarter percentage point.