The Fed's Decision Is Here

The Federal Reserve Board voted to cut interest rates by another quarter-point, for the third month in a row. However, they seemed very unwilling to do more, as they are internally divided over which problem is worse, inflation or the job market. The interest rate was cut to between 3.5 percent and 3.75 percent, a three-year low, and is aimed at protecting against a sharp slowdown in hiring. The vote was 9-3, which is the first time in six years that three officials dissented. Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeff Schmid argued that the reduction...