Federal Reserve reduces US interest rates for the 1st time in 9 months, to a range of 4% to 4.25% per year

The Federal Reserve’s decision to cut interest rates by 0.25 points was widely anticipated by economists and followed after weaker than expected US employment figures. This was the first rate cut in nine months, with the last reduction occurring on December 18, when the rate became 4.25% to 4.50% per year. The only dissenting vote was from Stephen Miran, nominated by Trump, who advocated for a 0.5-point rate reduction. The move reflects the challenges faced by the US economy amidst ongoing criticisms from President Trump aimed at the Fed for not lowering rates further.