On Wednesday, the US Federal Reserve cut interest rates by 25 basis points, a move intended to address concerns about cracks in the labor market. It was a highly anticipated, modest decision from an agency that has been under increasing political pressure from President Trump to do a bigger rate cut.

On today’s Big Take podcast, Fed and US economy reporter Amara Omeokwe and host David Gura discuss what the rate cut says about the state of the US job market, the broader economy and the central bank’s independence.

Read more:

• After Rate Cut Powell Says Jobs Market No Longer Very Solid
• Bessent, Like Fed Governor, Made Contradictory Mortgage Pledges

Further listening: Why Trump Is Trying to Fire Lisa Cook