Morning Business Report: Federal Reserve cuts interest rates again as job market slows

The Federal Reserve cut interest rates by a quarter of a percentage point Wednesday.

(LILAMAX)- The Federal Reserve cut interest rates by a quarter of a percentage point Wednesday — its second consecutive reduction — citing concerns over a sluggish job market and slowing growth.

The move pushed mortgage rates to their lowest level in more than a year, triggering a 111% jump in refinancing activity compared to last year, as homeowners rushed to lock in lower rates.

On Wall Street, what began as a strong trading day turned volatile. Despite morning highs, the Dow Jones Industrial Average lost steam and closed lower, capping what analysts dubbed “Super Wednesday.”

In tech news, Apple is planning a major overhaul of its MacBook and iPad lines. The company reportedly plans to introduce OLED screens beyond the iPad Pro to premium models like the iPad mini starting next year. Apple is also exploring enhanced speakers and water-resistant casings as part of efforts to justify new price markups.

Overseas, President Donald Trump and Chinese President Xi Jinping are meeting today to finalize a trade deal expected to ease tariffs and reopen key markets. The agreement is expected to include reductions in fentanyl-related duties and formal approval of the sale of TikTok’s U.S. operations.

Meanwhile, a new survey from Upstart and Talker Research found 67% of Americans believe society should destigmatize asking for help, especially financial help. Nearly nine in ten respondents said they feel stressed about money — with Gen X reporting the highest financial strain.