President Trump wants substantially lower borrowing costs, but officials at the central bank appear ready to resist delivering further cuts if the economic backdrop does not warrant it.

© Caroline Gutman for The New York Times

The end of Jerome Powell’s term as Fed chair will give President Trump his biggest opportunity yet to reshape the central bank.

© Tierney L. Cross/The New York Times

The central bank’s decision to lower interest rates for a third straight meeting was highly contentious, reflecting an internal divide that will likely limit how much borrowing costs will fall next year.