Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Wait is over: The Federal Reserve on Wednesday afternoon cut its benchmark overnight lending rate by a quarter percentage point, bringing its target range to 4% to 4.25%. Of the 12 voting members of the Fed’s policymaking arm, there was only one dissenter: newly appointed Fed Governor Stephen Miran, who also serves as chair of the Council of Economic Advisers in the White House. A close ally of President Donald Trump, who has been pushing the Fed to aggressively cut rates, Miran favored a half-point reduction. While the Fed’s move was widely expected, investors have been eager to get the official decision and then hear from Fed Chairman Jerome Powell. The meeting comes as the central bank is in a bit of a bind, given the recent uptick in inflation that has coincided with a weakening of the job market. In the statement alongside the announcement, the Fed said:
