Divided Fed approves third rate cut this year, sees slower pace ahead

Key Points

A Federal Reserve split over where its priorities should lie cut its key interest rate Wednesday in a 10-3 vote, but signaled a tougher road ahead for further reductions.
The FOMC’s “dot plot” indicated just one more reduction in 2026 and another in 2027, amid considerable disagreement from members about where rates should head.
In addition to the rate decision, the Fed also announced it will resume buying Treasury securities. The central bank will start by buying $40 billion in Treasury bills, beginning Friday.

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