The Federal Reserve on Wednesday cut interest rates for a third consecutive time in a 9-3 vote.

The Federal Open Market Committee dropped its baseline interest rate down to a range of 3.5 to 3.75, a reduction of 0.25 percentage points, The Hill news outlet reported.

Fed board member Stephen Miran wanted to cut rates by 0.5 percentage points, while both Federal Reserve Bank of Chicago President Austan Goolsbee and Kansas City Fed President Jeffrey Schmid didn't want a cut at all.

The reduced rate is the lowest it has been in nearly three years, Fox 4 News reported. The FOMC signaled in a statement that it may keep its rate unchanged in the coming months.