The Federal Reserve cut its benchmark interest rate Wednesday for the first time in nine months. Since the last cut, progress on inflation has slowed while the labor market has cooled.

The Central Bank voted to cut interest rates by 0.25%, the first rate cut since December of last year. NBC News’ Brian Cheung reports how this is the first step in what could be a series of interest rate cuts.

This week, the Federal Reserve cut interest rates by a quarter of a percentage point, and signals two more cuts could be on the way. Here to talk about what this means for you is local financial advisor Gregory Ricks.

The Senate has approved one of President Donald Trump’s top economic advisers for a seat on the Federal Reserve’s governing board, giving the White House greater influence over the central bank just two days before it is expected to vote in favor of reducing its key interest rate.