The Federal Reserve cut interest rates for the first time this year, in a move driven by mounting evidence of a weakening job market that carries political risks for President Donald Trump.
After months of disappointing economic data, the central bank lowered its benchmark rate by a quarter of a percent on Wednesday—less than what the administration had hoped for.
Trump’s newly-installed Governor Stephen Miran was the only policymaker who voted against the quarter-point cut, instead advocating for a half-point reduction.
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