00:00The Federal Reserve approved a 25 basis point rate cut, bringing its benchmark rate target to 4-4.25%, with a vote of 11-1, with Governor Stephen Mirren dissenting in favor of a larger cut.
00:13Most voting Fed officials expect two additional cuts by the end of the year, though opinions vary on timing and magnitude.
00:20Officials noted that while economic activity has moderated and job gains have slowed, inflation remains elevated, putting pressure on the Fed's dual mandate of stable prices and full employment.
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