The Federal Open Market Committee cut the base interest rate by .25%.

In a statement, the committee said, “This action supports the committee’s view that sustained expansion of economic activity, strong labor market conditions, and inflation near the committee’s symmetric 2% objective are the most likely outcomes, but uncertainties about this outlook remain. The committee will continue to monitor the implications of incoming information for the economic outlook as it assesses the appropriate path of the target range for the federal funds rate.”

Members Esther L. George and Eric S. Rosengren, voted against the action, preferring to maintain the target range at 1.75% to 2% at this time.

According to the Wall Street Journal, Chairman Powell indicated Fed officials were now comfortable entering a wait-and-see phase by highlighting the accumulation of the Fed’s recent rate cuts.