The Federal Reserve cut its benchmark interest rate Wednesday for the first time since December and signaled more cuts are likely this year.
Central bankers opted for a quarter-point cut this time around, matching expectations on Wall Street. Stocks initially moved higher on the news, before falling into the red across all three major indexes.
President Donald Trump has been pushing for the central bank to reduce borrowing costs in order to juice economic growth, but the Fed said its decision was based on the need to support a weakening job market.
