On Wednesday, the Federal Reserve announced they have cut its benchmark interest rate for the first time this year by a quarter of a percentage point, in an effort to revive the flagging labor market. Policymakers opted for the quarter-point cut to the Fed’s benchmark rate, in line with expectations. The vote for the quarter-point cut by the Fed’s rate-setting committee was 11 to 1. Trump’s other appointed governors- Michelle Bowman and Christopher Waller – both voted for the quarter-point cut. Federal Reserve officials are also penciling in two more rate cuts in 2025, but only one in 2026, according to the central bank’s summary of economic projections.