United States Federal Reserve chair Jerome Powell during a news conference at the Federal Reserve on Sept. 17 in Washington, D.C. Photo by Chip Somodevilla/Getty Images

United States Federal Reserve officials lowered their benchmark interest rate by a quarter percentage point and penciled in two more reductions this year following months of intense pressure from the White House to slash borrowing costs.

Chair Jerome Powell pointed to growing signs of weakness in the labour market to explain why officials decided it was time to cut rates after holding them steady since December amid concerns over tariff-driven inflation.

“Labour demand has softened, and the recent pace of job creation appears to be running below the break-even rate needed to hold the unemployment rate constant

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