[Federal Reserve Cuts Interest Rates by 25 Basis Points as Expected, Two Dissenting Votes Highlight Growing Divisions] According to Jintou News, at 2:00 AM Beijing time on Thursday, the Federal Reserve cut interest rates by 25 basis points as expected, lowering the target range for the benchmark interest rate to 3.75%-4.00%, marking the lowest level in three years. This is the second consecutive meeting where the Fed has reduced rates in an effort to prevent the recent slowdown in hiring from escalating into more severe economic issues. Two policymakers cast dissenting votes on this decision: Fed Governor Milan once again advocated for a more significant reduction in borrowing costs, supporting a 50 basis point cut, while Kansas City Fed President Schmidt argued that rates should not be lowered while inflation persists. Typically, economic reports released by the Fed between meetings help bridge internal divisions. However, the lack of new labor market indicators this time has deprived officials of crucial information to resolve disagreements. Additionally, the Federal Reserve announced the restart of a limited-scale Treasury purchase program. This move comes after signs of liquidity tightening in the money market, despite the Fed's previous commitment to prevent such occurrences. Under the balance sheet adjustment plan, starting December 1, the Fed will maintain the total asset holdings roughly stable on a monthly basis but will reinvest proceeds from maturing mortgage-backed securities (MBS) into short-term U.S. Treasury bills to adjust the composition of its asset portfolio.