WASHINGTON (MarketWatch) - The Federal Reserve on Wednesday trimmed its benchmark fed funds interest rate by a quarter-point, citing "muted inflationary pressures" and "the implications of global developments." The vote was 8-2, with Boston Fed President Eric Rosengren and Kansas City Fed President Esther George dissenting. They preferred no change. The reduction in the fed funds rate - the first since 2008 - drops it to a range of 2% to 2.25%. The Fed also said that in August it would end the scheduled drawdown in its balance sheet two months early. By and large, the Fed characterized the economy as solid, but senior officials worry about a slowdown in business investment tied to ongoing U.S. trade disputes that appear to have contributed to a weakening in the world economy.