Editorial

15:30 JST, September 19, 2025

The U.S. Federal Reserve Board has implemented its first interest rate cut since President Donald Trump’s return to office. Amid persistent inflationary pressure, a slowdown in employment has become evident, heightening uncertainty.

What impact will Trump’s tariff policy have on prices and the economy? It is hoped that the Fed will carefully examine these issues as it manages its monetary policy.

The Fed has decided to cut its policy rate by 0.25 percentage points to a range of 4%-4.25% per year. This marks the first rate cut in six meetings since December last year. The central bank projected two additional rate cuts within the year.

This policy decision was made under unprecedented political pressure,........

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