We knew there was a possibility [1] the Fed would decide to cut rates during its two-day meeting, and this afternoon it announced a one-half percentage point rate cut. That brings short-term rates down to three percent, insinuating that right now the Fed is more worried about an economic slowdown than rising inflation. The WSJ added that the action [2] is "capping an unprecedented eight-day period in which officials slashed rates massively to ward off recession risks."

Source [3]