The Fed’s interest rate decision and what it means for you: live updates

The Federal Reserve is widely expected to announce its first interest rate cut of the year on Sept. 17, potentially ushering in a series of reductions that would lower borrowing rates for businesses and consumers.

Economists and investors anticipate a quarter percentage point cut as reports suggest the jobs market is weaker than previously believed. Economists surveyed by Bloomberg expect one or two more rate cuts to follow in 2025.

The decision comes as President Donald Trump tries to exert greater influence over the central bank, raising concerns over its independence from politics.

After months of pushing Fed Chair Powell for aggressive rate cuts, the president has taken action to stack the Fed’s board of governors with his appointees. He moved to fire Fed Governor Lisa Cook in August, who is set to continue her role amid pending litigation. The Trump administration also worked to quickly push nominee Stephen Miran into an empty slot on the board, with the Senate confirming his appointment on the eve of the Fed’s two-day September meeting.

Powell “MUST CUT INTEREST RATES, NOW, AND BIGGER THAN HE HAD IN MIND,” Trump said Sept. 15 on Truth Social.

The Fed is set to reveal its rate decision at 2 p.m. Eastern Time, with a news conference to follow. Follow along for live updates.

The benchmark federal funds rate has remained unchanged at 4.25% to 4.5% since December, when the Fed last announced a quarter percentage point drop.

– Bailey Schulz

The Fed adjusts interest rates to support stable prices and maximum employment.

When inflation is high, the Fed can raise rates to make borrowing more expensive and cool economic activity. When the labor market is weak, cutting rates can promote economic growth and hiring by making borrowing less expensive.

– Bailey Schulz

This article originally appeared on USA TODAY: Fed meeting live updates: Interest rate cut decision today