Stock market today: Wall Street holds near records after Fed delivers a jumbo-sized cut to rates

NEW YORK — Wall Street is holding 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 closed 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 only question is how much the Fed will ultimately cut rates by to do so, which can prove to be a tricky balance. Lowering rates would ease the brakes off the economy by making it easier for U.S. businesses and households to borrow. But it could also offer more fuel for inflation. Other critics, meanwhile, are saying the Fed will need to be careful about cutting rates too much because of the possibility that inflation remains stubbornly higher than it has in recent decades.

On Wall Street, Intuitive Machines soared 42.2% after NASA awarded it with a contract worth up to $4.82 billion for communication and navigation services the space agency will use to establish a long-term presence on the moon.

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