If it's Wednesday, stock struggle as the Federal Reserve slashes interest rates again,

looking to boost a cooling labor market as the country braces for sweeping changes to the U.S.

economy in Trump's second term.

Plus, President-elect Trump warns former Congresswoman Liz Cheney that she, quote, could be in a lot of trouble after House Republicans release a new report calling for her to be investigated by the FBI.

And House Speaker Mike Johnson faces backlash from inside his conference and from Yon Musk as Congress moves to jam through a massive short-term funding bill with the

deadline looming.

Welcome to meet the press now.

I'm Gabe Gutierrez in Washington as the future of the U.S.

economy takes center stage, with markets taking a sharp turn into negative territory, ending

the trading day just moments ago, closing down more than a thousand points after the Federal

Reserve this afternoon announced its third and final interest rate cut for the year.

It comes as there is enormous economic uncertainty ahead.

President-elect Trump vowing to make sweeping changes to the American workforce, the tax code,

the government, and the country's relationship with our largest trading partners.

This afternoon, Fed Chair Jerome Powell pointing to progress on inflation and a cooling

labor market as the driver behind today's rate cut, while also noting the underlying economy's

strength. He also stated bluntly that the economic outlook is uncertain while suggesting

the Federal Reserve was studying

the potential impacts of Trump's tariff agenda, which remains a major wildcard for policymakers.

We just don't know really very much at all about the actual policy, so it's very premature to

try to make any kind of conclusion. We don't know what will be

tariffed from what countries for how long in what size. We don't know whether there'll be, you know,

...