Scott Horsley

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.

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.

The quarter point rate cut was widely expected, but it was not a unanimous decision.

Two members of the Fed's rate-setting committee wanted to hold rates steady today, while one wanted a larger half-point reduction.

By lowering its benchmark rate, the Fed hopes to prop up the job market, which has been showing signs of weakness.

The economy saw a net loss of jobs in both June and August, and the unemployment rate has been inching up.

The central bank has now cut interest rates at three consecutive meetings, but with inflation still running well above the Fed's target, policymakers signal they'll be cautious about cutting rates further next year.

Scott Horsley, NPR News, Washington.

The quarter point rate cut was widely expected, but it was not a unanimous decision.

Two members of the Fed's rate setting committee wanted to hold rates steady today, while one wanted a larger half point reduction.

By lowering its benchmark rate, the Fed hopes to prop up the job market, which has been showing signs of weakness.

The economy saw a net loss of jobs in both June and August, and the unemployment rate has been inching up.

The central bank has now cut interest rates at three consecutive meetings, but with inflation still running well above the Fed's target, policymakers signal they'll be cautious about cutting rates further next year.