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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.

The benchmark rate was lowered by a quarter percentage point to a range of 1.75% to 2% “in light of the implications of global developments for the economic outlook as well as muted inflation pressures,’’ the committee said. The FOMC continued to characterize the labor market as “strong” with “solid” job gains.

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

The Fed's back-to-back rate cuts reverse the tightening last year and follow a wave of easing this year by other central banks. In addition to the ECB, some analysts expect the Bank of Japan to act at its meeting Thursday.