Federal Reserve Chair Jerome Powell is set to speak with reporters following the central bank's decision to deliver the first interest rate cut of 2025. Policymakers lowered rates by a quarter percentage point, bringing its benchmark interest rate to a range of 4%-4.25%.

In the weeks leading up to the decision, analysts had been confident a rate cut was coming considering a slew of data pointing to a slowdown in the labor market. Most traders had expected the 25 basis point cut rather than a deeper reduction since the Fed is still battling persistent inflation.

The Fed also released an updated "dot plot," a chart that shows each official's prediction about the direction of the central bank's benchmark interest rate. The latest dot plot points to two more cuts for the rest of this year.

Watch the press conference live above.