The Federal Reserve on Sept. 17 cut its key interest rate by a quarter-point, its first cut since December. It also signaled it would do so twice more this year due to concerns about the health of the labor market, according to The Associated Press.
Fed officials had resisted calls for rate cuts throughout the year as they tried to measure the effects of federal policy on tariffs, immigration enforcement and other initiatives on inflation and the economy.
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Fed Chair Jerome Powell acknowledged concerns about the job market, “In this less dynamic and somewhat softer labor market, the downside risks to employment appear to have risen,” he said at a press conference after the two-day Fed meeting.
President Donald Trump has repeatedly signaled his preference for much bigger Fed rate cuts.
