The U.S. Federal Reserve announced a quarter-point reduction in its benchmark interest rate, a decision that was largely anticipated amid signs of a weakening labor market. This action represents the first rate cut implemented by the central bank since December 2024. Federal Reserve Chair Jerome Powell is scheduled to hold a press conference following this announcement.
In the lead-up to the rate decision, President Trump publicly expressed his view via social media, advocating for a more significant and immediate interest rate reduction. Separately, an effort by the Trump administration to remove Federal Reserve governor Lisa Cook from the board before the meeting was unsuccessful, with a federal appeals court rejecting the request to block her attendance.
Source: www.theguardian.com