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Federal Reserve to Lower Rates for First Time Since 2008

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Voting for the monetary policy action were Jerome H. Powell, chair; John C. Williams, vice chair; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; and Randal K. Quarles. Voting against the action were Esther L. George and Eric S. Rosengren, who preferred at this meeting to maintain the target range for the federal funds rate at 2.25 to 2.5 percent.