Fed Powell cuts rates for the first time this year.

In support of our goals and in light of the shift in the balance of risks today, the Federal Open Market Committee decided to lower our policy interest rate by a quarter percentage point. We also decided to continue to reduce our securities holdings. While the unemployment rate remains low, it has edged up.Job gains have slowed and downside risks to employment have risen. At the same time, inflation has risen recently and remains somewhat elevated. ...