Fed split over rate cuts
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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 policymakers 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.
President Donald Trump has urged the central bank to “CUT INTEREST RATES, NOW, AND BIGGER” than they might plan to.
The Senate confirmed Trump economic adviser Stephen Miran to the Federal Reserve to finish Adriana Kugler's term. Miran plans to return to his White House job afterward.
The dollar was edging higher but hovering near two-and-a-half-month lows as investors braced for a widely anticipated interest-rate cut from the Federal Reserve. The market prices a 97% chance of the Fed cutting rates by 25 basis points and a 3% chance of a 50bp cut in a decision later today,