Feds Cut Interest Rates for First Time Since 2008. Fed Chairman Jerome Powell led the 8-2 vote in favor of the small interest rate cut. Rates will hover between 2% and 2.25%. The decision was made to help the economy continue its expansion. The cut follows months of unprecedented public pressure from President Donald Trump. Trump has often criticized Powell for making "all the wrong moves.". Chairman Powell stated that Trump's pressure did not play a factor in the decision of the Federal Reserve. He also stated that more cuts could be in the future, but a cycle of cuts would be short-lived.
