NEW YORK () Federal Reserve chair Jerome Powell on Wednesday is set to announce a long-awaited decision on whether the central bank will cut its key interest rate for the first time in nine months.

Markets overwhelmingly expect a cut at 2 p.m. EDT, and Powell is expected to speak shortly after. According to CME FedWatch, there’s a 96% chance of a quarter-point cut and a 4% chance of a half-point cut. Analysts say the only question is how deep the cut will be and how quickly it impacts businesses and consumers.

The Fed has faced continued urging from President Donald Trump amid signs of a cooling jobs market.

Mortgage rates drop to a 3-year low

Mortgage rates have already fallen to a three-year low, with the average 30-year loan now at 6.35%, down from nearly 7% in January.

Experts have said a Fed cut could push borrowing costs lower still, benefiting homeowners, credit card holders and car buyers, while boosting hiring and company earnings. 

Senate confirms Trump adviser to Fed board 

The Senate confirmed Trump ally Stephen Miran this week as a member of the Fed’s board of governors, allowing him a voice to push for a more aggressive rate cut.

While Trump has pushed to secure a majority on the Federal Open Market Committee, he faces resistance. Governors Michelle Bowman and Christopher Waller, both Trump appointees, may side with Miran, but the 12-member panel also includes Powell and Fed Governor Lisa Cook, whose firing by Trump was recently blocked in the courts.