U.S. Fed cuts interest rate by 25 basis points

The U.S. Federal Reserve on Wednesday decided to lower the target range for the federal funds interest rate by 25 basis points to 3.5 to 3.75 percent, marking its third rate cut this year.

The decision was approved by a 9-3 majority vote of the Federal Open Market Committee, marking the first three-dissent meeting since September 2019, which highlighted the committee's internal divisions on the pace of monetary easing.