(NewsNation) — The Federal Reserve cut interest rates on Wednesday, moving to bolster a weakening job market even as inflation remains elevated.

The quarter-point reduction — the first in nine months — was widely expected amid recent jobs data pointing to a slowdown.

"In this less dynamic and somewhat softer labor market, the downside risks to employment appear to have risen," Fed Chair Jerome Powell said at a press conference on Wednesday.

Wednesday's decision was not unanimous, with Fed governor Stephen Miran preferring a larger half-point cut. Miran, President Donald Trump’s top White House economist, officially joined the Federal Reserve board of governors on Tuesday. However, two other Trump appointees did not dissent.

The quarter-point cut is unlikely to satisfy Trump, who has be

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