The Federal Reserve kept interest rates on hold on Wednesday, but signaled that rate cuts could be coming down the road. It removed the key word "patient" from its policy statement, while noting that "uncertainties" about its previously rosy economic outlook have increased.
Why it matters: This marks a significant shift in tone for the central bank. Fed Chairman Jerome Powell is facing pressure with roaring markets pricing in a number of rate cuts before the end of the year and an economy that’s thought to be on shaky ground. In the meantime, President Trump has been trying to strong-arm the Fed to put the U.S. on a "level playing field" by lowering interest rates.