The Federal Reserve is widely expected to cut rates for the first time this year, with federal funds futures trading data putting the odds of a 25 basis point cut at about 94% Wednesday morning. Traders see a 6% chance the Fed lowers rates by 50 bps, the same amount with which it kicked off last year’s rate-cutting cycle in September. 1

President Donald Trump's election campaign distanced itself on Sunday from Sidney Powell, a lawyer who claimed without evidence at a news conference last week that electronic voting systems had switched millions of ballots to President-elect Joe Biden.

During his presidency, Trump has frequently clashed with Powell, whom he appointed as Fed chair in 2018. Trump has criticized Powell for not lowering interest rates sooner and more. The president has publicly floated the idea of removing him, saying that higher borrowing costs threatened economic growth and undermined his administration’s policies.