The FOMC previously held the target rate unchanged at five meetings this year after three rate cuts late last year. Two more cuts are projected this yearThe Fed, in its economic projections, penciled in two more quarter-point rate cuts this year in addition to Wednesday’s cut, compared with just two quarter-point cuts projected in June. The CME’s FedWatch tool on Tuesday had given a 96.1% probability of a quarter-point cut on Wednesday, with a 3.9% chance of a half-point cut. Trump has also intensified his verbal attacks on Fed chair Jerome Powell, repeating his allegations that the Fed has been too slow to cut rates. The Federal Reserve’s quarter-point rate cut reflects growing concerns about employment weakness while inflation remains above target levels.