The Federal Reserve reduced its benchmark interest rate for the first time since 2020, a key shift in its fight against inflation as concerns center around the labor market. While prices have cooled, an uptick in unemployment has reignited warnings of a recession. Regardless of the Fed’s decision about rate cuts, a lot remains at stake for the economy and Fed Chair Jerome Powell in the months ahead. WSJ's Nick Timiraos explains why this is the Fed's make-or-break moment. Chapters: 0:00

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