Fed cuts rates as plunging job gains trigger alarm for economy

The Federal Reserve cut interest rates Wednesday for the first time this year as the central bank attempts to ease pressure on the weakening U.S. job market.

The Federal Open Market Committee (FOMC) — the panel of Fed officials responsible for setting borrowing costs — cut its baseline interest rate to a range between 4 percent and 4.25 percent, a reduction of 0.25 percentage points.

Analysts and traders widely expected the Fed to cut interest rates Wednesday after several months of alarming employment data and unprecedented pressure from President Trump, who has sought to remove members of the Fed’s board...