Federal Reserve Board Chairman Jerome Powell. (Photo: Bloomberg)
The Federal Reserve cut interest rates for the first time since 2008 on Wednesday, reducing the federal funds rate by 25 basis points to a range between 2% and 2.25%.
The 25 basis-point rate cut was the consensus forecast in the market, though some market observers, including President Donald Trump, were pushing for a 50 basis-point cut.
The decision by the Fed’s policymaking Federal Open Market Committee was not unanimous. Two of the voting members, Kansas City Fed President Esther L. George and Boston Fed President Eric S. Rosengren, dissented.
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Bernice Napach
Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.
