Here’s What Happened at the FOMC Meeting TodayFed Cuts Rates by a Quarter Point, as Expected, and Sees 2 More Cuts This YearLast Updated:2 hours ago(AFP via Getty Images)The Federal Reserve cut interest rates for the first time in nine months on Wednesday, signaling concerns about a weakening labor market. The central bank’s Federal Open Market Committee voted to lower its target range for the federal-funds rate by a quarter percentage point to 4% to 4.25%, in line with investor expectations.Fed Chair Jerome Powell said the decision stemmed from a “shift in the balance of risks” to the central bank’s dual mandate of maximum employment and price stability.“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 at a news conference Wednesday.