Donald Trump is getting the interest-rate cut he wants.

The Federal Reserve announced Wednesday that it would cut rates by a quarter of a percent, its first cut in 2025—a move that came after months of intense pressure from the president and amid worrying signs about the state of the economy.

In a statement, the Federal Reserve board noted that “growth of economic activity moderated in the first half of the year. Job gains have slowed, and the unemployment rate has edged up.” The Fed meeting, chaired by Jerome Powell, included Fed governors Lisa Cook, whom Trump has been trying to fire, and Stephen Miran, who was just confirmed to serve in the role earlier this week.

Trump has been highly critical of Powell, blasting him as “incompetent” on Sunday, days before Fed officials conve

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