Chairman Jerome Powell announced an expected reduction to the Federal Reserve’s target lending rate, which now sits at 3.5% to 3.75% after a series of three quarter-point cuts that began in September.

Cuts are determined by a vote of the Fed’s 12 governors. For the fourth straight time, the current reduction was passed in a split decision: One governor, Stephen Miran, a recent appointee of President Donald Trump, voted for a half-point cut, and two members, Jeffrey Schmid and Austan Goolsbee, voted against any change.

An official statement cites the Fed’s dual mandate to maximize employment and maintain a long-term 2% inflation rate.

“Available indicators suggest that economic activity has been expanding at a moderate pace,” the statement reads. “Job gains have slowed this year, and the unemployment rate has edged up but remained low through August; more recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated.”

The board’s next meetings will be held Jan. 27-28.

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