CNBC: Fed approves quarter-point rate cut but is divided on further action this year
Investors largely expected the FOMC to cut rates by a quarter point.
The Federal Reserve released a statement saying:
“Although household spending has been rising at a strong pace, business fixed investment and exports have weakened…In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate to 1-3/4 to 2 percent.”
