Federal Reserve cuts rates for second time as shutdown stalls key data

The Federal Reserve cut interest rates for the second consecutive month Wednesday as questions swirl about the true strength of the U.S. economy.

The Federal Open Market Committee (FOMC), the panel of Fed officials in charge of monetary policy, reduced its baseline interest rate to a range of 3.75 to 4 percent, cutting it by 0.25 percentage points.

Officials voted 10 to 2 in favor of the rate cut, with Fed board member Stephen Miran instead supporting a larger 0.5 percentage point cut, and Kansas City Federal Reserve President Jeffrey Schmid supporting no move at all.

After months of keeping interest rates steady despite pressure from President Trump, Fed officials changed course in September. The FOMC began bringing interest rates down in the last month and suggested in projections tha