What happened

The Federal Reserve’s Open Market Committee yesterday trimmed its benchmark interest rate by a quarter percentage point, its first cut since President Donald Trump took office. It was the Fed’s first meeting since Trump tried to fire one of its governors, Lisa Cook , as part of his campaign to assert control over the traditionally independent central bank.

Who said what

The Fed judged that “labor-market softness outweighed recent setbacks on inflation,” said The Wall Street Journal . A “narrow majority” of the board also “penciled in at least two additional cuts this year,” suggesting a “broader shift toward concern about cracks forming in the job market.”

All but one of the Fed officials voted for the quarter-point cut. “Lone dissenter” Stephen Miran pushed for

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