The Federal Reserve is expected to announce at the conclusion of their two day meeting that they have cut interest rates a quarter of a point, CNBC News reported on Wednesday.
Bloomberg reported that a policy statement will come at 2 p.m., with Chairman Jerome Powell briefing the press at 2:30.
As expected the Fed has cut interests as the New York Times explains this is the first cut since the 2008 financial crisis.
CNBC News has the text of the statement posted in full here.
The minutes of the two-day meeting are scheduled to be released August 21st.
During the press conference Powell will most likely be asked if President Trump’s most recent pressure on the independent body resulted in the lower interest rate announcement.