Federal Reserve Chairman Jerome Powell is hosting a press conference at 2:30 p.m. on Wednesday, during which he is expected to publicly address the first interest rate cuts of the year.

The Fed’s interest recommendation currently sits between 4.25% and 4.50%, and the central bank is anticipated to announce a quarter-percentage-point cut at 2 p.m. on Wednesday.

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FED POISED TO CUT INTEREST RATES FOR FIRST TIME UNDER TRUMP

For the past several months, Powell has been a political foe of President Donald Trump over his refusal to lower interest rates after Trump has consistently urged the Fed to do so. Trump has nicknamed the Fed chairman “Jerome ‘too late’ Powell” over the feud.

The debate over when to cut interest rates largely rests on the idea that cutting the rates too early could lead to high inflation, but cutting the rates too late could lead to a recession.