The Federal Reserve cut interest rates by a quarter percentage point to a range of 4%-4.25%, the lowest in three years. The “dot plot” shows two more cuts this year, one in 2026, and one in 2027. Markets reacted with Dow closing up, S&P 500 and Nasdaq down, and Treasury yields mixed.

New Governor Stephen Miran attended his first meeting, voting against the cut for a larger half-point move. The dot plot revealed differing views among officials, with some wanting one more cut this year and others pushing for two. Analysts anticipate a challenging policy path ahead for the Federal Reserve.

Read more at NBC Universal: Here are five key takeaways from the Fed’s big interest rate decision