The Federal Reserve lowered the target for the Fed Funds rate by 25 basis points to a range of 1.50% to 1.75% at today's FOMC meeting. It was the third cut this year from a top range of 2.25% to 2.50%. The move reduced the rate to its lowest level since June of last year. The action was expected in the Action Economics Forecast Survey, which does not expect further action this year.

In the statement which accompanied today's move, there was an indication that future action would require unforeseen developments. "The committee will continue to monitor the implications of incoming information for the economic outlook as it assesses the appropriate path" of future action.

Other comments were little changed from those which accompanied earlier meetings, including that consumer spending remained strong and that business investment and exports were weak. Price inflation was expected to remain near two percent. Financial and international developments will also play a role in determining future action, according to FOMC minutes.

The press release for today's meeting can be found here.

Eight members of the FOMC voted to lower the Fed funds rate target while two voted for no change.