NEW YORK (NewsNation) — Federal Reserve chair Jerome Powell on Wednesday is set to announce a long-awaited decision on whether the central bank will cut its key interest rate for the first time in nine months.

Markets overwhelmingly expect a cut at 2 p.m. EDT, and Powell is expected to speak shortly after. According to CME FedWatch, there’s a 96% chance of a quarter-point cut and a 4% chance of a half-point cut. Analysts say the only question is how deep the cut will be — and how quickly it impacts businesses and consumers.

The Fed has faced continued urging from President Donald Trump amid signs of a cooling jobs market.

Mortgage rates drop to a 3-year low

Mortgage rates have already fallen to a three-year low, with the average 30-year loan now at 6.35%, down from nearly 7% in January

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