On September 18, the Fed announced that it was trimming a quarter percentage point off the federal funds rate, to between 1.75% and 2%, a reprise of the central bank’s decision on July 31.
The move, which will affect mortgage rates, came as Fed policymakers disagreed about the need for cuts. President Donald Trump, who has broken with past White House tradition by weighing in on monetary policy—including by calling for negative rates—slammed the Fed for not slashing rates further.