Jerome Powell's Federal Reserve cut its benchmark interest rate by 0.25 percentage point to a target range of 3.5% to 3.75%, marking the third reduction this year and the lowest rate in over three years.The decision came amidst rising unemployment at 4.4%, persistent inflation, and slower job growth, with three policymakers dissenting on the move due to differing views on economic conditions and future adjustments.The Fed projects only one more rate cut in 2026, signaling an extended pause, while Donald Trump is reportedly considering replacing Powell with Kevin Hassett, pushing for more aggressive cuts.