The Federal Reserve just cut interest rates for the first time since March 2020, fueling volatility in global markets.
The move marks the central bank’s shift from fighting inflation to responding to signs of economic slowdown, labor market weakness and other risks to growth.
This move caused big swings for the Dow Jones and the S&P 500, with the Dow Jones rising around 400 points and now up 100 points at the time of publication.
Meanwhile, the S&P 500 is up 29 points at the time of publication, while the Nasdaq is up 153 points.
Bitcoin has risen from a 24-hour low of $59,212 to $61,135. BTC is at $60,849 at the time of publication, up 0.6% in the past day.
During a press conference, Fed Chairman Jerome Powell says he believes they have won the battle against inflation.
“Our patient approach over the past year has paid off. Inflation is now much closer to our target, and we have become more confident that inflation is heading sustainably towards 2%…
This recalibration of our policy stance will help maintain the strength of the economy and the labor market, and will continue to enable further progress on inflation as we begin the process toward a more neutral stance. We do not follow a certain course. We will continue to make our decisions one meeting at a time.”
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