Fed cuts interest rates by a quarter point
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The Federal Reserve concluded its last meeting of the year with a widely anticipated 25 basis point cut to the federal funds rate (FFR), bringing it to a range of 3.50-3.75%.
The Fed’s rate-setting Open Market Committee voted 9-3 to make a .25% cut to its federal funds rate, bringing the interest range down to 3.5% to 3.75%, the lowest in three years. While approved by a wide majority, a rate vote by the FOMC hasn’t seen three dissenting votes since 2019.
The FOMC is expected to cut interest rates on December 10. However, should that occur, the market will be looking for clues on monetary policy in 2026.
Democratic Rep. Haley Stevens, who is running for an open Senate seat in Michigan, formally introduced articles of impeachment Wednesday against Health and Human Services Secretary Robert F. Kennedy Jr., though they have virtually zero chance of advancing through the Republican-controlled House.
The central bank is poised to lower interest rates on Wednesday even as a growing chorus of officials urge caution.