Federal Reserve Chair Jerome Powell is slated to deliver remarks Wednesday afternoon after the nation's central bank cut interest rates for the first time this year, following months of pressure from President Trump.

The decision comes as the Fed attempts to ease pressure on the weakening U.S. job market. The move, floated by Powell last month, follows two dismal job reports showing months of alarming employment data and as the Trump administration is seeking to oust members of the board.

The committee responsible for setting borrowing costs cut the baseline interest rate to a range of 4 to 4.25 percent, a reduction of 0.25 percentage points.

Powell's remarks are scheduled to begin at 2:30 p.m. EDT.

Watch the live video above.