Federal Reserve Chair Jerome Powell on Wednesday announced the Fed lowered its benchmark interest rate by 0.25 percentage points — its first cut since December — as the U.S. grapples with a stalling labor market and slower economic growth. The Fed cut reduces the federal funds rate — what banks charge each other for short-term loans — to between 4% and 4.25%, down from its prior range of 4.25% to 4.5%. https://www.cbsnews.com/news/federal-reserve-fomc-meeting-today-rate-cut-september-2025-powell