Market soars after Fed finally cuts interest rate

The Federal Reserve cut interest rates on Wednesday, sending at least one stock market soaring.

On Wednesday, the Fed announced that it had decided to cut the federal funds rate by a quarter of a point, bringing the new rate range down to 4-4.25%. The committee made the decision to reduce the rate despite continued "uncertainty about the economic outlook."

'He should have cut them a year ago.'

While the committee apparently continues to worry about reportedly slowing "job gains" and a slightly higher unemployment rate, at least one market rallied in response to the news. The Dow Jones immediately jumped over 400 points, though those gains soon moderated. As of mid Wednesday afternoon, the NASDAQ and S&P were down.

Late last month, when Fed Chairman Jerome Powell teased a possible upcoming rate cut, President Donald Trump indicated that any such cut would be too little, "too late."

"He should have cut them a year ago," the president said at the time. "He's too late."

RELATED: Powell’s tight money policy is strangling the US economy

alexsl/Getty Images

Trump has also lately referred to the Fed chairman by the nickname "Too Late." "'Too Late' MUST CUT INTEREST RATES, NOW, AND BIGGER THAN HE HAD IN MIND. HOUSING WILL SOAR!!!" the president wrote on Truth Social on Monday.

Blaze News reached out to the White House for comment.

This is a developing story.

Like Blaze News? Bypass the censors, sign up for our newsletters, and get stories like this direct to your inbox. Sign up here!