The full text of the Federal Reserve's decision: interest rate cut and announcement of end to balance sheet reduction, with two opposing votes indicating increasing divergence According to BlockBeats, on October 30th, the Federal Reserve lowered its benchmark interest rate by 25 basis points to 3.75% -4.00%, marking the second consecutive meeting of interest rate cuts and meeting market expectations. Two committee members voted against it, indicating a growing divergence. Among them, Kansas Federal Reserve Chairman Schmid opposes interest rate cuts and supports keeping interest rates unchanged; Director Milan opposes the interest rate resolution and believes that a 50 basis point rate cut should be implemented. In addition, the Federal Reserve's FOMC statement announced that it will end its balance sheet reduction on December 1st, currently reducing its holdings of $5 billion in US Treasury bonds and $35 billion in MBS per month. After that, the redemption principal of mortgage-backed securities will be reinvested in short-term treasury bond bonds. Full text of interest rate resolution: The available indicators show that economic activity is expanding at a moderate pace. Since the beginning of this year, employment growth has slowed down and the unemployment rate has slightly increased, but as of August, it remains at a relatively low level; More recent indicators are consistent with the above trend. Inflation has increased compared to the beginning of the year and remains relatively high. The committee's goal is to achieve maximum employment and long-term inflation of 2%. The uncertainty of the economic outlook remains high. The committee is closely monitoring the risks in both aspects of its dual mission and believes that the downward risks in employment have increased in recent months. To support the above objectives and take into account changes in risk balance, the committee has decided to lower the target range for the federal funds rate by 25 basis points to 3.75% to 4%. When considering further adjustments to the target range of the federal funds rate, the committee will carefully evaluate the latest data, changes in the economic outlook, and risk balance. The committee also decided to end the reduction of its total securities holdings from December 1st. The committee is firmly committed to supporting maximum employment and pushing inflation back to the target level of 2%. When evaluating appropriate monetary policy positions, the committee will continue to monitor the impact of new information on the economic outlook. If there are risks that may hinder the achievement of the committee's goals, the committee will adjust its monetary policy stance at its discretion. The committee's evaluation will take into account a wide range of information, including labor market conditions, inflation pressures and expectations, as well as the latest developments in finance and international affairs. The members who voted in support of this monetary policy action include Chairman Jerome H. Powell, Vice Chairman John C. Williams, Michael S. Barr, Michelle W. Bowman, Susan M. Collins, Lisa D. Cook, Austan D. Goolsbee, Philip N. Jefferson, Alberto G. Musalem, and Christopher J. Waller. The members who voted against it are Stephen I. Miran, who favors lowering the target range for the federal funds rate by half a percentage point at this meeting, and Jeffrey R. Schmid, who favors keeping the rate range unchanged at this meeting.