Powell emphasizes the independence of the Federal Reserve.

On September 17th in the afternoon Eastern Time of the United States, early morning Beijing Time today, the Federal Reserve announced a 25 basis point rate cut and will continue to shrink its balance sheet. This is the first rate cut by the Fed since December 2024, with two more rate cuts expected within the year. Fed Chairman Powell reiterated the independence of the Fed when answering questions from reporters that day. Since taking office in January of this year, President Trump has been continuously pressuring the Fed to cut rates, and nominated White House Economic Adviser Committee Chairman Stephen Moore to be a Fed governor. Powell also confirmed that the Fed is implementing a 10% reduction in staff plan, covering the Board of Governors and all Reserve Banks - after completion, the size of Fed employees will essentially return to levels of ten years ago.