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The Quick Facts
- On Wednesday, July 31st, the Federal Reserve lowered interest rates for the first time since the Great Recession in 2008.
- The Fed led by Chairman Jerome Powell voted 8-2 to cut interest rates by 25 basis points. Rates will now hover between 2% and 2.25%.
- When announcing the cut, Powell explained: "The outlook for the U.S. economy remains favorable and this action is designed to support that outlook..."
- President Trump has repeatedly encouraged the Fed to lower interest rates, but Powell has been adamant that the President's opinions did not sway the Federal Reserve's decision.