Jerome Powell delivered a 25bps rate cut, but Wall Street’s muted reaction reflects concern it was a risk move on jobs and inflation, not confidence.

With markets convinced of a Fed rate cut, Powell must navigate divisions inside the FOMC over inflation, tariffs, and jobs data.

Stephen Miran, Trump’s pick to join the Fed, dissented against the group, voting in favor of the stronger half-point cut.

The Fed made its last rate cut in December and held rates steady until now, as it monitored the effects of Trump's tariffs on inflation.

Jerome Powell delivered a 25bps rate cut, but Wall Street’s muted reaction reflects concern it was a risk move on jobs and inflation, not confidence.