The Federal Reserve cut interest rates for the first time this year, in a move driven by mounting evidence of a weakening job market and elevated inflation.

After months of disappointing economic data, the central bank lowered its benchmark rate by a quarter of a percent on Wednesday—less than what the Trump administration had hoped for.

President Donald Trump’s newly-installed Governor Stephen Miran was the only policymaker who voted against the quarter-point cut, instead advocating for a half-point reduction.

“Recent indicators suggest that growth of economic activity moderated in the first half of the year,” the Federal Reserve said in a statement.

“Job gains have slowed, and the unemployment rate has edged up but remains low. Inflation has moved up and remains somewhat elevated.”

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