The Fed delivered a widely expected 25 basis point rate cut in an 11-to-1 vote with new Governor Stephen Miran the sole dissenter - backing a larger half-point move. Trump’s pick also made his mark on expectations for the rate path ahead - Squawk Box Europe discusses the new dot plot.

Washington

The US Federal Reserve has implemented a 25 basis point interest rate cut, with the majority of the committee supporting the decision and signaling the possibility of two further reductions within the year. The move comes amid concerns about the US labor market and was described by Fed Chair Jerome Powell as a risk management measure. 

Stephen Miran, a recent Trump appointee, was the only member not to back the 25 basis point cut, instead advocating for a 50 basis point reduction. The committee's forecasts showed some division regarding the future path of rates, with most members expecting one or two more cuts this year. Powell emphasized the need to balance inflation and employment risks, noting ongoing uncertainties from government policy changes and tariffs.

Miran makes his mark at first Fed meeting

The US Federal Reserve delivered a widely expected 25 basis point rate cut yesterday and signalled two further reductions before the end of the year. It comes amid concerns surrounding the weakness of the US labour market and was characterised by Chair Jerome Powell in his post-decision press conference as risk management. The committee voted 11 to 1. Who's the 1? 11 to 1 to lower rates by 25 basis points with less dissent than expected. Yeah, Waller and Bowman were in line with what the Fed Chair voted. The Trump appointee Stephen Mirren, though, was the only member not to back the cut. He did back a cut, though. He called for 50 basis point reduction. Now, in terms of the path ahead for rates, the latest dot plot... Oh, can I just stop the read here and have a look at the dot plot? Normally, it's just a load of dots. But look, can you see which dot... Have a look. My finger is in the right position as well. Which dot looks a little bit lonely away from all the other dots on the plot? I should have gone the other way. But look, that dot, who could it be? Who could it be with that dot, which basically signifies by the end of 2025 that rates are going to be massively lower than they are now? Because by and large, the individual expectations showed, well, a little bit of division amongst the committee, didn't they? Forecasts range from the majority of participants seeing either one or two, one or two this year. But one member, and we don't know who, who could it be, didn't want any cuts. Well, that's at the top end. But at the bottom end, look at this, another appointee, another member of the FOMC pointed to 1.25 percentage points in further reductions this year. Further reductions this year. Could it be Mirren? Could it? Could it be Mirren? We're guessing it might be. Anyway, in his press conference, Powell outlined the need for the Fed to balance its dual mandate. Changes to government policies continue to evolve and their effects on the economy remain uncertain. Higher tariffs have begun to push up prices in some categories of goods, but their overall effects on economic activity and inflation remain to be seen. A reasonable base case is that the effects on inflation will be relatively short-lived, a one-time shift in the price level. But it is also possible that the inflationary effects could instead be more persistent, and that is a risk to be assessed and managed. Our obligation is to ensure that a one-time increase in the price level does not become an ongoing inflation problem. In the near term, risks to inflation are tilted to the upside and risks to employment to the downside, a challenging situation. When our goals are in tension like this, our framework calls for us to balance both sides of our dual mandate.

U.S. President Donald Trump signaled new action against left-wing groups following the assassination of right-wing political activist Charlie Kirk, targeting the anti-fascist Antifa movement as a "terrorist organisation."

Trump targets Antifa movement as 'terrorist organization'

ABC said that the late-night show "Jimmy Kimmel Live!" has been "pre-empted indefinitely" after comments Kimmel made on the show in response to the shooting death of conservative activist Charlie Kirk. Jonathan Vigliotti reports.

New York

ABC suspends Jimmy Kimmel show over Charlie Kirk comments

In southern Pennsylvania, three police officers were fatally shot and two others were injured in a violent incident. Authorities are investigating the circumstances surrounding the attack and searching for leads on the suspect or suspects involved.

Haar Road

Three police officers killed, two wounded in Pennsylvania shooting

Nvidia chief executive Jensen Huang said the U.S. and Beijing "have larger agendas to work out" after media reports of China's internet regulator ordering top tech firms to halt purchases of the American company's AI chips and cancel existing orders.

Beijing

China tells tech firms to stop buying Nvidia's AI chips, FT reports

The U.S. Federal Reserve announced that it lowered interest rates by 0.25 percentage points, its first rate cut since December 2024. CBS News MoneyWatch correspondent Kelly O'Grady has more.

Fed cuts interest rates by 0.25 percentage points

Large-scale protests took place in central London in response to Trump’s state visit, with demonstrators highlighting his alleged ties to Jeffrey Epstein.

London

Trump's historic UK state visit met with protests in Windsor

On the same day a ground offensive was launched in Gaza City, a United Nations Commission of Inquiry report concluded Israel has committed genocide in Gaza, a finding emphatically denied by Israeli officials.

Jerusalem

Middle East Conflict

Israel committing genocide in Gaza, UN inquiry finds

Yulia Navalnaya, the wife of late Russian opposition leader Alexei Navalny, said that foreign laboratory tests on biological samples obtained from her husband showed that he was poisoned.

Yulia Navalnaya says foreign tests show her husband was poisoned

Prosecutors formally changed Tyler Robinson, the suspect in the assassination of Charlie Kirk, and said they intend to seek the death penalty. Authorities also revealed exchanges between Robinson and his roommate.

Utah County

Prosecutors formally charge Charlie Kirk shooting suspect

U.S. President Donald Trump and first lady Melania Trump arrived at Windsor Castle and were greeted by King Charles III, Queen Camilla, Prince William and Kate, the Prince and Princess of Wales. CBS News' Ed O'Keefe has the latest.

Windsor

Trump greeted by British royal family at Windsor Castle

The eyes of the global financial markets are on the US Federal Reserve. It's expected to be cut later on Wednesday, around a quarter-point. But US President Donald Trump has called repeatedly for much steeper rate cuts.

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The U.S. Secretary of State has visited Qatar a week after Israel attacked a meeting of the Hamas negotiating team in Doha. Marco Rubio met Qatar's Prime Minister and the Emir, Sheikh Tamim Bin Hamad Al Thani.

Doha

Marco Rubio visits Doha, holds talks with Emir and PM

Utah County Attorney Jeff Gray provided updates Tuesday on the case against Tyler Robinson, the 22-year-old accused of fatally shooting Charlie Kirk. Robinson is charged with seven counts, including aggravated murder. The state is seeking the death penalty.

Charlie Kirk shooting suspect charged with murder

A judge has dismissed two state terrorism-related charges against Luigi Mangione, the 27-year-old accused of killing UnitedHealthcare CEO Brian Thompson last December. CBS News' Anna Schecter has more details.

Luigi Mangione's state terrorism charges dismissed in CEO killing

Israel said it has launched its ground offensive in Gaza City. It comes as a United Nations inquiry finds that Israel's nearly two-year war on Gaza is a genocide. Israeli leaders have denounced the report as "distorted and false."

Israel launches main phase of ground offensive in Gaza City

U.S. President Donald Trump becomes the first U.S. president to receive a second state visit as Britain faces protests over immigration and growing support for the pro-Trump Reform Party. CBS News correspondent Ed O'Keefe reports from London.

Trump begins state visit to London amid rising political tensions

U.S. President Donald Trump announced Monday (Sept. 15) the U.S. military carried out a second strike against an alleged Venezuelan drug boat. CBS News' Charlie D'Agata has the latest.

Caracas

Trump announces second U.S. strike on alleged Venezuelan drug boat

U.S. President Donald Trump threatened investigations into the ‘radical left,’ following the shooting death of Charlie Kirk. Vice-President J.D. Vance on Kirk’s podcast encouraged people to turn in those who celebrated the conservative commentator’s killing.

Charlie Kirk’s killing prompts broad threats from Trump administration

The United States and China reached a framework agreement to switch short-video app TikTok to U.S.-controlled ownership, U.S. officials said.

Washington County

U.S., China reach framework deal on TikTok

U.S. Secretary of State Marco Rubio met in Jerusalem with Israeli Prime Minister Benjamin Netanyahu, as close U.S. ally Qatar gathered other Arab nations' leaders for a summit to issue unified condemnation of last week's Israeli airstrike targeting Hamas leaders in the Qatari capital.

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President Trump announced the U.S. military has carried out a second strike on alleged Venezuelan "narcoterrorists" in international waters. Three men were killed.

Trump announces second strike on alleged drug boat from Venezuela

Arab and Islamic leaders are gathering in Qatar for an emergency summit following an Israeli attack on Hamas leaders in Doha. The meeting aims to show unity and increase pressure on Israel.

Arab, Islamic leaders meet in Qatar after Israeli attack on Hamas

HBO's medical drama, "The Pitt" beat out heavily-favored Apple TV's "Severance" for outstanding drama series at the Emmy Awards. Meanwhile, Apple TV's "The Studio" walked away with 13 awards and broke the Emmy record for the most wins by a comedy in a single season.

Los Angeles

"The Pitt," "The Studio," and "Adolescence" win big at Emmy Awards

U.S. Secretary of State Marco Rubio arrived in Israel on Sunday to meet with Prime Minister Benjamin Netanyahu and other officials amid the nation's recent strike in Doha, Qatar, and intensified attacks in Northern Gaza.

Israel hosts U.S. Secretary of State Marco Rubio

Over the weekend, tens of thousands of people marched through London in a rally billed as in support of free speech. Many of the chants and speeches at the rally, which was organized by a far-right activist, were protesting against immigration.

Thousands in London march in rally organized by far-right activist

U.S. and Chinese officials concluded a first day of talks in Madrid on their strained trade ties, a looming divestiture deadline for Chinese short-video app TikTok, amid Washington's demands that its allies place tariffs on imports from China over its purchases of Russian oil.

Madrid

Global Tariffs

U.S., China begin trade talks in Spain as TikTok deadline looms

Police are searching for a motive in Wednesday's killing of conservative activist and influencer Charlie Kirk. Authorities say interviews with family and friends of the 22-year-old suspect suggest he could have been radicalized in the dark corners of the internet.

Orem

Charlie Kirk shooting suspect 'not cooperating' with authorities

U.S. Secretary of State Marco Rubio said ahead of the trip that he will be seeking answers from Israeli officials about how they see the way forward in Gaza. Rubio's trip comes after Israel's attack on Hamas leaders in Qatar that upended efforts to broker an end to the conflict.

U.S. Secretary of State Marco Rubio in Israel for talks

Five U.S. F-35 fighter jets landed in Puerto Rico amid escalating tensions with Venezuela. Separately, Caracas said 18 armed U.S. Navy personnel raided a tuna boat sailing in Venezuelan waters.

San Juan

U.S. sends jets to Puerto Rico amid escalating tensions with Venezuela

U.S. President Donald Trump said he believes the Russia-Ukraine war would end if all NATO countries stopped buying oil from Russia and placed tariffs on China of 50 percent to 100 percent for its purchases of Russian petroleum.

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