Federal Reserve cuts interest rates

(CNN)– Wednesday, Dec. 10,  the Federal Reserve lowered interest rates once again for a third consecutive time.

The Central Bank dropped its benchmark lending rate by a quarter point to a range between three-and-a-half, and three-and-three-quarters percent.

The cut was made over objections from some Fed officials who believe a focus on the higher cost of living should be prioritized.

Today’s action comes as the economy grapples with continued inflation woes and weak job growth.