As widely expected, the Federal Reserve lowered interest rates for the third consecutive time yesterday. The Federal Open Market Committee voted 9-3 to lower the target range for the Fed funds rate by a quarter percentage point to 3.50%-3.75%. Fed Governor Stephen Miran dissented in favor of a half-point rate cut, while Kansas City Fed President Jeff Schmid and Chicago Fed President Austan Goolsbee dissented in favor of keeping rates unchanged. In its post-meeting statement, the committee made a slight adju ...