Two FOMC members disagreed with the central bank's decision to cut interest rates Wednesday.
Boston Fed President Eric Rosengren and Kansas City Fed President Esther George voted to keep rates unchanged.
The Federal Open Market Committee, the Fed's policy arm, lowered its benchmark rate by a quarter-point Wednesday. This was the first reduction in the funds rate since 2008, when the U.S. economy was dealing with a financial crisis that threatened to upend the global economy.David A. Grogan | CNBCBoth Boston Fed President Eric Rosengren and Kansas City Fed President Esther George voted to keep rates unchanged with a federal funds target rate of between 2.25% to 2.5%.its benchmark rate by a quarter-point as an insurance policy, based on what could go wrong in the economy down the road.
Rosengren and George had publicly questioned cutting rates ahead of this week's meeting. St. Louis James Bullard was also seen as a possible dissenter if the Fed went for a deeper rate cut. In late June, he said a
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