The Federal Open Market Committee voted to lower target interest rates by 25 basis points to a range of 4.0% to 4.25%.
Statement: The FOMC said:
Indicators suggest that economic activity moderated in the first half of the year.
Job gains have slowed, and the unemployment rate has edged up but remains low.
Inflation has moved up and remains somewhat elevated.
Dissenting Vote: Fed Governor Stephen Miran voted against the action, saying he preferred to lower the target range for the federal funds rate by 50 basis points.
Economic Projections: In its latest economic projections, the Federal Reserve estimated a higher gross domestic product than in the June report, but steady unemployment and inflation.