Federal Reserve Chair Jerome Powell and his colleagues are expected to lower interest rates Wednesday, amid fears of a weakening job market. (Kent Nishimura | Getty Images)The Federal Reserve cut interest rates by a quarter percentage point Wednesday in an effort to prop up the sagging U.S. job market. As widely expected, the central bank lowered its benchmark interest rate to a range of 4% to 4.25%. President Trump wants much lower interest rates, and he has been waging a high-pressure campaign to exert more control over the central bank — bypassing safeguards designed to insulate the Fed from political pressure. Tariffs add to sticky inflation as hiring slowsThe Fed has been wary about cutting interest rates this year, out of concern that Trump’s tariffs could rekindle inflation.