The Federal Reserve cut interest rates by a quarter-percentage point on Wednesday to bolster a weak job market amid unrelenting pressure from President Trump, who has installed a key ally at the central bank.

It is the Fed’s first rate cut in nine months, and lowers the benchmark rate to a range of 4% to 4.25%.

The vote for the quarter-point cut was 11-1, and the sole dissenter was Mr. Trump’s top economic adviser Stephen Miran, who was sworn in to the Fed’s board of governors by Mr. Trump shortly before their two-day meeting kicked off Tuesday. Mr. Miran advocated for a half-point percentage cut.

Mr. Trump’s two other appointees on the board, Michelle Bowman and Christopher Waller, voted for the quarter-point cut.

The major reason the Fed lowered borrowing costs is concern about a sluggish job market. Job growth was anemic during the summer, with employers hiring a monthly average of 29,000 workers for the three months ending in August, according to the Labor Department.

In its policy statement, the Fed acknowledged that its views on the labor market had changed, saying that policymakers now judge that the “downside risks to employment have risen.”

Revised numbers showed the economy lost jobs in June for the first time since December 2020, when the nation was in the throes of the COVID-19 pandemic.

Since January, employers have added fewer jobs than in any year since 2010, when America had 17 million fewer workers. The slow job numbers have been a source of consternation for Mr. Trump, who campaigned on reviving the economy after soaring inflation under President Biden.

The bank’s rate cut shows that its concerns about inflation from Mr. Trump’s tariffs have taken a backseat to worries about a weakening job market.

Mr. Trump has taken several unprecedented steps to compel the Fed to slash borrowing costs. He has tried to fire Fed governor Lisa Cook, accusing her of mortgage fraud. Ms. Cook spent Monday awaiting a ruling from a federal appeals court to determine whether she could attend this week’s Fed meeting; the court ruled in her favor.

Mr. Miran, whom Mr. Trump nominated to an open seat on the board of governors, is aligned with the president on the economy and showed he will press for steeper interest rate cuts that Mr. Trump has demanded.

During his confirmation hearing, Mr. Miran said he supported the central bank’s ability to make independent policy decisions free of political influence. But on Tuesday, Mr. Trump was already salivating at the prospect that his new Fed pick would stand up against Fed Chairman Jerome Powell.

“He’ll have a big influence on ’Too late’ getting his rates down,” Mr. Trump said, repeating one of his favorite insults for Mr. Powell.

If Mr. Trump succeeds in replacing Ms. Cook, his appointees would hold a 5-2 majority on the seven-member board. Some Fed watchers say that could seriously compromise the central bank’s ability to make tough decisions free from the short-term political demands of the White House.

The Fed had been wary about cutting interest rates this year, worried that Mr. Trump’s widespread tariffs would reignite inflation. Double-digit tariffs on household goods such as coffee, clothing and small appliances increased the overall cost of living in August by 2.9% compared to a year ago — the largest increase in seven months.

But Mr. Trump’s tariffs, which have been in place in some form for most of the year, have yet to unleash the kind of severe inflationary pressures that some economists have predicted. The White House has insisted foreign exporters, not American companies or consumers, will bear the brunt of the tariff costs.

The rate cut is likely to disappoint Mr. Trump because it’s not nearly as much as he demanded. The president has waged a tireless campaign against Mr. Powell and the Fed board for a “very big cut.” In July, Mr. Trump said the interest rates were “at least” three percentage points too high.

The president has repeatedly insulted Mr. Powell as part of the pressure campaign, calling him a “moron,” “numbskull” and “fool.” He has also accused the Fed of overspending on renovations of its headquarters in Washington.

The president has argued that drastically reducing rates would lower the interest the government pays on the national debt and push down the cost of mortgages and credit card spending. That could help stimulate the economy, he’s said.

However, economists have argued that rapid and deep rate cuts could backfire because it would appear as if the Fed was reacting to mounting pressure from the White House. That would raise questions about its independence and credibility, thus further destabilizing the U.S. economy and spooking investors on Wall Street.

• Jeff Mordock can be reached at jmordock@washingtontimes.com.