Fed lowers interest rates, signals more cuts ahead; Miran dissents

The Federal Reserve has shifted course, cutting interest rates for the first time since December as concerns about a weakening job market take center stage. Chair Jerome Powell emphasized the growing risks of higher unemployment—particularly among young and minority workers—while balancing inflation pressures that remain above target. The move fell short of the deeper cuts President Trump has called for, but Powell signaled more reductions are likely in the coming months, underscoring the Fed’s renewed focus on employment over inflation.