The move is the Fed’s first cut since December and lowered its short-term rate to about 4.1%, down from 4.3%. Fed officials, in a set of projections also released Wednesday, signaled that they expect to reduce their key rate twice more this year, but just once in 2026. And Powell noted that the committee was pretty evenly split on whether to cut rates once or twice more this year. Miran preferred a larger half-point cut, but Powell told reporters there wasn’t “very much support” for the bigger-size cut among Fed officials. One official — likely Miran — indicated that they would support several large cuts to bring the Fed’s rate to 2.9% by year’s end.