U.S. Fed cuts interest rate by quarter point, signals further cuts may be ahead

Construction at the main offices of the Federal Reserve's board of governors in Washington on Tuesday.

The Federal Reserve cut interest rates by a quarter of a percentage point on Wednesday and indicated it will steadily lower borrowing costs for the rest of this year, as policy makers responded to concerns about weakness in the job market in a move that won support from most of President Donald Trump’s central bank appointees.

Only new Governor Stephen Miran, who joined the Fed on Tuesday and is on leave as the head of the White House’s Council of Economic Advisers, dissented in favor of a half-percentage-point cut.

The rate cut, along with projections showing two more quarter-percentage-point reductions are anticipated at the remaining two policy meetings this year, indicate Fed off