The Federal Reserve has cut its benchmark interest rate by a quarter point for the second time since September

The widely expected move delivers a lowering of interest rates sought by President Donald Trump, though the size of the cut falls short of the major drawdown called for repeatedly by the president. The Fed previously projected an additional quarter-point cut at its next meeting in December,

Fed Chair Jerome Powell announced the Fed is cutting the overnight lending rate by a quarter of a point, bringing the benchmark rate to 3.75% to 4%.

Investors are nearly certain that the Federal Reserve will announce a quarter-point cut to its benchmark interest rate Wednesday afternoon.

The Federal Reserve is expected to cut interest rates by a quarter of a percentage point on Wednesday as policymakers steer the U.S. economy based on limited data that has nevertheless kept concerns about the strength of the job market top of mind.