Stock market today: Asian markets forge higher after Fed's first rate cut in over 4 years

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Because the Fed's half-percentage point rate cut was so well telegraphed and because markets had already climbed so much in anticipation, Wall Street’s reactions to the 180-degree turn on its policy rate were relatively muted. On Wednesday, the S&P 500 slipped 0.3%, closing at 5,618.26. The Dow Jones Industrial Average dipped 0.2% to 41,503.10. The Nasdaq composite lost 0.3% to 17,573.30.

Some critics say the Federal Reserve may have already kept interest rates too high for too long, but Powell said that “We don’t think we’re behind.” Like stock prices, Treasury yields wavered up and down repeatedly immediately after the Fed announced its cut and published its projections.

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