Federal Reserve cuts interest rates by a quarter point, for first time in nearly a year – as it happened

Rates now stand at a range of 4% to 4.25% as reduction comes amid concern of political pressure on independent central bank from Trump

• Federal Reserve cuts US interest rates for first time since December

• US treasury secretary reportedly made similar mortgage pledge to Lisa Cook

A reporter asked Jerome Powell about Stephen Miran's appointment, specifically on the fact that Miran is the first Fed governor to also have a role in the executive branch while also serving on the Fed board. Miran is the chair of the Council of Economic Advisors.

The committee remains united in pursuing our dual mandate goals," Powell said in response. We're strongly committed to maintaining our independence and beyond that, I really don't have anything to share."