Don Ma is an anchor and senior business correspondent based at the network's global headquarters in New York City. Don is the anchor and producer of NTD's "Business Matters," which airs weekdays at 4:30 pm ET.

Don Ma

NTD Plus

News

Breaking news and in-depth analysis from the United States and beyond. We bring you the latest updates, exclusive insights, and sharp discussions on the most pressing issues. NTD Newsroom airs Monday–Friday from 2 p.m. to 6 p.m. ET.

NTD Newsroom

China’s Biggest Threat to US Is ‘Communist Ideology,’ Not Military or Economy: Geopolitical Analyst

Trump Committed to Removing Evil in Iran Despite Pain at the Gas Pump: Analyst

How Taiwan Issue Was Handled on China Trip Is ‘Good News’ for Taiwan: Former Navy Captain

We Need to Strengthen Our Patent System to Prevent Chinese IP Theft: Inventor

‘The Chinese Communist Party Is an Existential Enemy of the United States’: China Analyst

Economist Expects US Dollar ‘to Strengthen’ After US–China Talks

Arleen Richards is NTD's legal correspondent based at the network's global headquarters in New York City, where she covers all major legal stories. Arleen holds a Doctor of Law (J.D.).


Arleen Richards

Global Celebrations for World Falun Dafa Day Represent ‘Being True, Good and Enduring’: Jan Jekielek

Man Who Visited Every Country Shares Tips on How to Travel With Purpose

China Is ‘Helping Iranian Regime Kill Americans’: Former CIA Operations Officer

Economic Pressure In Hormuz Strait A 'Checkmate Move' From US: Foreign Relations Analyst

NTD Newsroom Full Broadcast (May 15)

NTD Newsroom Full Broadcast (May 14)

NTD Newsroom Full Broadcast (May 13)

NTD Newsroom Full Broadcast (May 12)

NTD Newsroom Full Broadcast (May 11)

NTD Newsroom Full Broadcast (May 8)

NTD Newsroom Full Broadcast (May 7)

NTD Newsroom Full Broadcast (May 6)

NTD Newsroom Full Broadcast (May 5)

NTD Newsroom Full Broadcast (May 4)

NTD Newsroom comprises teams of reporters, editors, and producers assigned to cover breaking news and other stories.


Fast, compelling, first-hand news from China. China in Focus airs Monday–Friday at 8 p.m. ET.

China in Focus

China Sends Warships to Pacific Drill as Tensions With Japan Rise

Reuters is a news agency owned by Thomson Reuters. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide writing in 16 languages.

Reuters

We present news that is truthful and based on facts, outside of the political fog. Instead of focusing on the negative things happening around us, our mission is to give our viewers a good morning with empathetic and uplifting stories. Our aim is to provide an antidote to negativity by shining a light on the best side of people. We speak to inspiring people who positively impact communities, pursue topics that represent our common human values, and will never miss an opportunity to bring you heartwarming stories.

NTD Good Morning

2 US Embassy Personnel Assigned to Cartel Case Killed in Car Accident

The Associated Press is an American not-for-profit news agency headquartered in New York City. 

The Associated Press

US News

Gunman Kills 8 Children, Including 7 of His Own, in Louisiana Mass Shooting

Flora Hua is a reporter based at NTD's global headquarters in New York City, where she covers China news, U.S.-China relations, and human rights issues. Flora primarily contributes to NTD's "China in Focus."  

Flora Hua

Trump: Seized Iranian Ship May Have ‘A Gift From China’

Joseph Lord is a congressional reporter for The Epoch Times.


Joseph Lord

Aldgra Fredly is a freelance writer covering U.S. and Asia Pacific news for The Epoch Times.

Aldgra Fredly

Former NYC Mayor Rudy Giuliani Hospitalized in Critical Condition: Spokesman

Wildfires Across Georgia and Florida Have Destroyed Nearly 50 Homes and Are Forcing Evacuations

News you can trust from the U.S. and around the world. Critical information and insight. We cover the stories that others don’t. NTD News Today airs Monday–Friday at 11 a.m. ET.

NTD News Today

US Warns of China Hacks via Routers, Smart Devices

Juliet Song is an international correspondent exclusively covering China news for NTD. She primarily contributes to NTD's "China in Focus," covering U.S.-China relations, the Chinese regime's human rights abuses, and domestic unrest inside China.

Juliet Song

2 Americans Among Suspected Communist Rebels Killed in Clashes With Troops, Philippine Officials Say

Ryan Morgan is a reporter for The Epoch Times focusing on military and foreign affairs. He was previously a news writer for NTD. 


Ryan Morgan

Mari Otsu is NTD's White House correspondent based in Washington. 

Mari Otsu

World News

Middle East

Iran

3 US Warships Fend Off Iranian Attacks, Trump Says Ceasefire Still Holds

Health News

3 Dead in Suspected Hantavirus Outbreak on Cruise Ship in Atlantic Ocean: WHO

Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."

Andrew Moran

The Federal Reserve cut interest rates for the first time this year following its two-day policy meeting that concluded on Sept. 17.

Members of the Federal Open Market Committee (FOMC) voted to reduce the benchmark federal funds rate by 25 basis points, setting the new target range at 4 percent to 4.25 percent.

The federal funds rate is a central benchmark that influences borrowing costs across the U.S. economy, affecting everything from business loans to home mortgages.

"Recent indicators suggest that growth of economic activity moderated in the first half of the year. Job gains have slowed, and the unemployment rate has edged up but remains low. Inflation has moved up and remains somewhat elevated," the FOMC said in a statement.

Officials said that uncertainty surrounding the economy's outlook "remains elevated."

Speaking to reporters at the post-meeting news conference, Federal Reserve Chairman Jerome Powell described the quarter-point reduction as a "risk management cut," signaling risks to the labor market.

“While the unemployment rate remains low, it has edged up, job gains have slowed, and downside risks to employment have risen at the same time, inflation has risen recently and remains somewhat elevated,” Powell said.

He noted that he does not want employment conditions to loosen any further.

“The labor market is softening and we don’t need it to soften anymore [and] don’t want it to,” Powell said.

At the same time, according to Powell, there was little appetite for a larger rate cut at the meeting.

“There wasn’t widespread support at all for a 50 basis point,” Powell added. “I think we’ve done very large rate hikes and very large rate cuts in the last five years, and we tend to do those at a time when you feel that policy is out of place and needs to move quickly to a new place. That’s not at all what I feel certainly now, I feel like our policy has been doing the right thing so far this year.”

Stephen Miran, who recently joined the Federal Reserve Board of Governors, was the lone dissenting vote. He preferred a half-point rate cut.

This move comes after a prolonged period of leaving rates unchanged since December 2024, as Fed officials closely monitored the economic effects of President Donald Trump’s comprehensive trade agenda.

Looking ahead, monetary policymakers anticipate two more quarter-point rate cuts, according to the Summary of Economic Projections (SEP).

SEP—a periodic survey of officials' expectations for monetary policy and the broader economy—highlighted the median federal funds rate coming in at 3.6 percent by the end of the year, down from the June projection of 3.9 percent.

The Fed also signaled a slow and steady approach to easing policy, with SEP pointing to a single rate cut in 2026 and another reduction in 2027.

By 2028, the FOMC thinks the median policy rate will settle at around 3 percent.

As for the broader economic landscape, the Fed revised its GDP growth rate projections to 1.6 percent in 2025 from 1.4 percent in June. Officials expect that the U.S. economy will expand by 1.8 percent in 2026 and by 1.9 percent in 2027, up slightly from previous estimates.

Forecasts for the unemployment rate in 2025 were unchanged at 4.5 percent. However, the jobless rates for 2026 and 2027 were adjusted lower by 0.1 percent to 4.4 percent and 4.3 percent, respectively.

Monetary authorities still anticipate that the annual Personal Consumption Expenditure (PCE) inflation rate will come in at 3 percent this year. Core PCE, which strips out the volatile energy and food components, is also expected to be at 3.1 percent this year.

Looking to 2026 and 2027, the PCE and core PCE inflation rates were each adjusted higher by 0.2 percentage points to 2.6 percent and 2.1 percent, respectively.
<h2>Market Reaction</h2>
The Fed's first rate cut of the year had little impact on U.S. stocks.

The blue-chip Dow Jones Industrial Average remained up 300 points following the FOMC statement. The tech-heavy Nasdaq Composite Index and the broader S&P 500 stayed in the red by 0.9 percent and by 0.4 percent, respectively.

U.S. Treasury yields were red across the board, with the benchmark 10-year yield dipping more than 3 basis points to below 4 percent for the first time since April.

The 2-year yield, which tracks Fed policy, declined more than 2 basis points to below 3.49 percent. The 30-year yield erased more than 3 basis points to 4.61 percent.

"The Federal Reserve is late no more. It seems the Fed has not just pivoted, but made a complete U-turn," Jamie Cox, managing partner for Harris Financial Group, said in a note emailed to The Epoch Times. "Markets seem to like what they see, but the dollar is another story entirely."

The U.S. Dollar Index (DXY) initially slumped following the Fed announcement, but it turned positive, rising by about 0.3 percent. The index, a measure of the greenback against a weighted basket of currencies, is down more than 10 percent this year.
<h2>White House Expectations</h2>
Heading into the September policy meeting, the president and several senior administration officials advocated for a more aggressive approach by the Federal Reserve.

Writing in a July 15 Truth Social post, the president had suggested the Fed should be storming out of the gate as it restarts its rate-cutting cycle.

"Fed should cut rates by 3 Points. Very low inflation. One trillion dollars a year would be saved!" Trump wrote.

In an <a href="https://www.youtube.com/watch?v=Q4mVU80i9gc">interview</a> with Fox Business hours before the FOMC concluded its meeting, White House senior counselor for trade and manufacturing Peter Navarro argued that the central bank was behind the curve on monetary policy.

"We're 100 basis points, at least, over where we should be," Navarro said.

"It should be 50 today. It should be another 50 at the next meeting. That's where it should be."

This echoes comments made by Treasury Secretary Scott Bessent last month.

Bessent, speaking to Bloomberg in an Aug. 13 <a href="https://www.youtube.com/watch?v=MGWSQvHiYnk">interview</a>, stated that the Fed should "go into a series of rate cuts here, starting with a 50-basis-point rate cut in September.

“We should probably be 150, 175 lower. I think the committee needs to step back," he added.

While investors expect the Fed will eventually reach this number, it will not be for quite some time.

Traders have been looking beyond the September meeting for weeks, indicating that the Fed will engage in a series of rate cuts rather than a one-time adjustment.

"What we're really looking to [see] here is the data," David Miller, CIO at Catalyst Funds, said in a note emailed to The Epoch Times.

"If the data justifies further cuts from here and we see some softness in employment or GDP growth, that would really be the indication that we're in a full cutting cycle, versus these expected two cuts that are anticipated."

According to the CME FedWatch Tool <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">data</a>, before the Fed meeting, investors expected the federal funds rate to settle at around 2 percent by the end of next year, totaling approximately 175 basis points worth of rate cuts.

Fed Gov. Christopher Waller, who is considered one of the leading candidates to replace Powell when his term expires in May 2026, says interest rates are as much as 1.5 percentage points above their “neutral” level.

“I would say over the next three or six months, we could see multiple cuts coming in. Whether it’s like every other meeting, every meeting, we’ll have to wait and see [what] the data says,” Waller <a href="https://www.youtube.com/watch?v=_aidWwq4Ni8">told</a> CNBC’s “Squawk Box” on Sept. 3.

The neutral level is when interest rates are neither restrictive nor accommodative.

The next two-day FOMC meeting will take place on Oct. 28–29.

<em>From <a href="https://www.theepochtimes.com/business/federal-reserve-cuts-interest-rates-for-first-time-in-2025-post-5916525">The Epoch Times</a></em>

Latest

Paywall Related

Videos

Business News

01_Lead Story

04_Top Stories

Latest Clips

Free for Subscribers

Management

03_Featured

02_Second Lead

Latest and breaking news, documentaries, movies, and lifestyle content on NTD+.
 
Empower your knowledge and elevate your spirit with NTD+, your go-to destination for truthful news, insightful documentaries, and captivating lifestyle content that enriches your life.

Federal Reserve Cuts Interest Rates for First Time in 2025

NTD Newsroom Full Broadcast (Sept. 17)

David Lam is a national correspondent based in California and a part-time anchor for "NTD Tonight." Before joining NTD he was a financial analyst.

David Lam

San Francisco Locals Address Drug Kits, Addiction as City Holds ‘Recovery Day’ Event

Charlie Kirk's Murder Case Could 'Last at Least 2 Years': Legal Analyst

Sean Marshall is a reporter based at NTD's global headquarters in New York City, primarily covering business and technology trends. 