The Federal Reserve cut interest rates for the first time this year. Policymakers opted for a quarter-point cut to its benchmark rate, in line with expectations. The sole dissenter, in favor of a half-point cut, was newly appointed governor Stephen Miran.

The decision comes as the central bank faces challenges on multiple fronts, from unprecedented attacks on its independence to an uneasy economy, while experts were split on whether a cut is even appropriate right now.