The Federal Reserve lowered interest rates for a second consecutive meeting on Wednesday but signaled a more cautious stance on further easing, rattling markets that had bet on another cut in December.

The Federal Open Market Committee voted 10-2 to reduce the benchmark federal funds rate to a range of 3.75% to 4%, marking another step in its policy shift to support a slowing U.S. economy. Alongside the move, the Fed said it will end its balance-sheet runoff — or quantitative tightening — on Dec. 1.

Governor Stephen Miran dissented, pushing for a deeper half-point cut, while Kansas City Fed President Jeffrey Schmid voted against any reduction. Miran, appointed by President Donald Trump, has been one of the most vocal advocates for a faster pace of rate cuts.

Chair Jerome Powell, speaking after the decision, cautioned that policymakers will assess incoming data before deciding on additional moves, saying, “We are not on a preset course.” His remarks dampened expectations for continued aggressive easing and sent Treasury yields and stocks lower in late trading.