US Fed FOMC Meeting Live Updates: Dow up 300 pts ahead of Fed, but Nvidia leads Nasdaq fall

US Fed FOMC Meeting Live Updates:

The US Federal Reserve is set to announce its policy decision on Wednesday, September 17 (local time), which is most likely to be its first rate cut this year.

The same is set to come at the back of a weakening labour market, stubborn inflation and US President Donald Trump's push for lower borrowing costs.

Earlier this week, Trump even predicted a "big cut" from the US Fed. "I think you have a big cut. It's perfect for cutting," he told reporters on Sunday.

Trump has been putting pressure on Fed Chair Jerome Powell for months to cut rates and has also repeatedly encouraged him to resign.

The US dollar approached its lowest level since March 2022 ahead of the US Fed decision.

The US job growth cooled in August with the unemployment rate increasing to its highest level since 2021.

Meanwhile, inflation in the US remains above the Fed's 2% goal and could increase further if the tariffs push costs up.

On another note, Powell's term as Fed Chair will end in May 2026 and Trump is in the process of selecting his successor. He has publicly named White House economic advisor Kevin Hassett, Fed Governor Kevin Warsh and Fed Governor Christopher Waller as the three top candidates.