NEW YORK (Reuters) -The Federal Reserve cut interest rates by a quarter of a percentage point on Wednesday and indicated it will steadily lower borrowing costs for the rest of this year, as policymakers responded to concerns about weakness in the job market in a move that won support from most of President Donald Trump’s central bank appointees.

Only new Governor Stephen Miran, who joined the Fed on Tuesday and is on leave as the head of the White House’s Council of Economic Advisers, dissented in favor of a half-percentage-point cut.

MARKET REACTION:

STOCKS: Wall Street shares were mixed after the Fed cut rates: the Dow rose on the day, while the S&P 500 and the Nasdaq fell.BONDS: U.S. Treasury 10-year yields fell 2.9 basis points to 3.999%.FOREX: The dollar index slid 0.2% to 96.407.

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