Fed makes second straight rate cut, splits on further action

Five officials wanted to keep rates unchanged, while five saw a quarter point as appropriate this year and seven wanted a half point

Federal Reserve policy makers lowered their main interest rate for a second time this year while splitting over the need for further easing, caught between uncertainty over trade and global growth and a domestic economy that's holding up well.

"Although household spending has been rising at a strong pace, business fixed investment and exports have weakened," the Federal Open Market Committee said in a statement on Wednesday in Washington. Officials maintained their pledge to “act as appropriate to sustain the expansion."

The benchmark rate was lowered by a quarter percentage point to a range of 1.75% to 2% "in light