The Federal Reserve delivered a 25-basis point rate cut at its September meeting, lowering the benchmark federal funds rate to a range of 4.00%–4.25%. While this marks the central bank’s first step toward easing in months, the move was presented as a measured adjustment aimed at balancing rising risks in the labor market.

While the majority supported a modest 25-basis-point reduction framed as a risk management move, Stephen Miran, recently appointed as member of the Federal Reserve Board of Governors, dissented in favor of a deeper 50-point cut.