Federal Reserve Chair Jerome Powell is giving remarks Thursday afternoon, as the Biden administration prepares to cut interest rates for a second time. The decision comes after the administration announced late last month that price increases have fallen to their lowest level in more than three years.

Jerome Powell-led FOMC last reduced the policy rate by 50 bps for the first time in four years in September after leaving it elevated at the 23-year high for eight consecutive meetings since July 2023.