The Federal Open Market Committee voted 11-1 to cut interest rates by 25 basis points Wednesday, with recently-confirmed Federal Reserve Gov. Stephan Miran casting the lone dissent. Miran preferred a 50 basis point cut. 

The committee's decision to lower the target range for the policy rate to between 4% and 4.25% was widely anticipated by market watchers leading up to the meeting, which began Tuesday and concluded this afternoon. Miran's dissent marks his first FOMC meeting since being confirmed by the Senate on Monday night and sworn in yesterday morning. Miran is on a leave of absence from the White House Council of Economic Advisers, which he chaired up until his confirmation.

Federal reserve chair Jerome Powell and other committee members, including Fed Vice Chair for Supervision Michelle Bowman and Fed Gov. Christopher Waller — both Trump appointees — have recently pressed the central bank to cut rates out of concern over a weakening labor market. 

In its policy statement, the committee said it will continue to monitor how monetary policy impacts both the labor market and inflation. It stated it is prepared to adjust its monetary stance "as appropriate if risks emerge."