The Federal Reserve today said it’s lowering its benchmark interest rate by half a percentage point. The rate cut is bigger than we’d predicted, and bigger than what the Fed normally does, but its effects will take some time to ripple through the economy. We’ll also get into former President Donald Trump’s switch-up on the state and local tax deduction cap and why Sen. Rand Paul wants Congress to reclaim power over tariffs.

Here’s everything we talked about today:

“Federal Reserve lowers interest rates by 0.50 percentage points in first cut since 2020” from CBS News
“Dr. Rand Paul Celebrates Constitution Day with the No Taxation Without Representation Act” from Sen. Rand Paul
Tweet from Burgess Everett about Rand Paul’s tariff proposal
“Trump signals SALT deduction cap reversal” from Axios
“Schumer calls out Trump for ‘selective amnesia’ on SALT” from The Hill
“NPR Exclusive: U.S. overdose deaths plummet, saving thousands of lives” from NPR

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The Fed says go big or go home