The Federal Open Market Committee of the Federal Reserve will vote on Wednesday, with the group expected to approve a rate cut.

It's unknown how much federal interest rates will go down by, but 30-year fixed mortgage rates have dropped in recent weeks in anticipation of the Fed's announcement.

The Federal Reserve's announcement will come at 2 p.m. ET.

This week's gathering comes as a court rejected President Donald Trump's bid to remove Commissioner Lisa Cook from the board after he accused her of committing mortgage fraud. The meetings also follow the Senate’s confirmation of former Trump administration economic adviser Stephen Miran to the board.

Trump has openly criticized the Federal Reserve for not lowering interest rates in 2025, while Chairman Jerome Powell has expressed concern

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