Summary:

– The Fed lowered its benchmark rate to about 4.1%, its first cut since December.

– Chair Jerome Powell signaled two more cuts this year, citing job market weakness.

– Trump’s influence loomed over the decision as his new appointee sought deeper cuts.

WASHINGTON — The Federal Reserve cut its key interest rate by a quarter-point Wednesday and projected it would do so twice more this year as concern grows at the central bank about the health of the nation’s labor market.

The move is the Fed’s first cut since December and it lowered its short-term rate to about 4.1%, down from 4.3%. Fed officials, led by Chair Jerome Powell, had kept their rate unchanged this year as they evaluated the impact of tariffs, tighter immigration enforcement, and other Trump administration pol

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