NEW YORK — Wall Street is rising near its records on Wednesday after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates.
Because the cut was so well telegraphed, and markets had already moved so much in anticipation of it, Wall Street’s reactions weren’t that big on Wednesday despite the historic nature of the Fed’s action. It was the first cut to rates in more than four years, and it closes the door on a run where the Fed jacked the federal funds rate to a two-decade high in hopes of slowing the economy enough to stifle the worst inflation in generations.
The Fed released forecasts Wednesday that said its median official expects to cut the federal funds rate by another half of a percentage point through the end of the year. That could indicate a traditional-sized cut of a quarter of a percentage point at each of its two remaining meetings scheduled for 2024.Making things complicated, some critics say the Federal Reserve is moving too late to protect the economy and may have missed the window to prevent a recession.
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