Watch: Powell gives remarks after Federal Reserve cuts interest rates
Federal Reserve Chair Jerome Powell delivered remarks Wednesday afternoon after the nation’s central bank cut interest rates for the first time this year, following months of pressure from President Trump.
The decision came as the Fed attempts to ease pressure on the weakening U.S. job market. The move, floated by Powell last month, follows two dismal job reports showing months of alarming employment data and as the Trump administration is seeking to oust members of the board.
The committee responsible for setting borrowing costs cut the baseline interest rate to a range of 4 to 4.25 percent, a reduction of 0.25 percentage points.
Powell’s remarks were scheduled to begin at 2:30 p.m. EDT.
Watch a replay of video coverage above.
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