US Fed cuts rates to lowest level in three years

US Federal Reserve officials voted for another quarter-point rate cut on Wednesday, lowering their benchmark lending rate to a range between 3.75% and 4%, the lowest in three years, Report informs via CNN.

The decision drew two dissents; one from Fed Governor Stephen Miran, who backed a larger, half-point cut; and another from Kansas City Fed President Jeffrey Schmid, who preferred to hold borrowing costs steady.

It is the first time since 2019 that there were dueling dissents - both calling for easier and tighter policy - underscoring the heated debate among officials over how President Donald Trump's sweeping policies on trade, immigration and spending are affecting the US economy.

To make matters more complicated, it was also the first time officials have set monetary policy while lacking an entire month of crucial government employment figures in the modern era.