Federal Reserve Chairman Jerome Powell testifies before the House Committee on Financial Services on Capitol Hill in Washington on June 24, 2025. Madalina Kilroy/The Epoch Times
The U.S. central bank cut interest rates this past week in response to weakening labor market conditions, Federal Reserve Chair Jerome Powell confirmed.
Following the Sept. 16-17 meeting, the Federal Open Market Committee (FOMC) lowered the benchmark policy rate by a quarter point to a new target range of 4.00 percent to 4.25 percent—the first reduction of the year.
