Federal Reserve Chair Jerome Powell is giving remarks Thursday afternoon, as the Biden administration prepares to cut interest rates for a second time. The decision comes after the administration announced late last month that price increases have fallen to their lowest level in more than three years.

Follow news from today's Fed meeting where the FOMC is expected to cut interest rates and chair Jerome Powell will speak.

The Federal Reserve cut its key interest rate Thursday by a quarter-point in response to the steady decline in the once-high inflation that had angered Americans and helped drive Donald Trump’s presidential election victory this week.