Charting the Global Economy: Fractured Fed Lowers US Rates

The Federal Reserve lowered its benchmark interest rate again this week, though details from the meeting highlighted fractures among policymakers that will greet a new Fed chair next year.

Jerome Powell, whose term as chair expires in May, pushed through the quarter percentage-point cut not only over the objection of a few voters. A much larger group of regional Fed bank presidents who participated in the debate but weren’t among this year’s voting roster also signaled they opposed the reduction.

In Europe, a growing chorus of leaders are sounding the alarm about a surge in imports from China. Beijing is ...