A Federal Reserve split over where its priorities should lie cut its key interest rate Wednesday, but signaled a tougher road ahead for further reductions. Fulfilling expectations of a “hawkish cut,” the central bank’s Federal Open Market Committee lowered its key overnight borrowing rate by a quarter percentage point, putting it in a range between 3.5%-3.75%. However, the move carried caution flags about where policy is headed from here and featured “no” votes from three members, which hasn’t happened since September 2019. The 9-3 vote again featured hawkish and dovish dissents – Governor Stephen Miran favored a ... (full story)