The US Federal Reserve on Wednesday made a half percentage point cut to the US interest rate. The cut, which was the first since the onset of COVID, was on the lager end of the scale with many investors expecting just a quarter point cut to the key interest rate. 

Markets were predictably volatile in the wake of the announcement with stocks and bonds rallying then falling back. FED governor Jay Powell announced that the cut was larger to assist in offsetting any recessionary forces in play but also tempered enthusiasm by restating the future path of inflation and employment would ultimately dictate the trajectory of further cuts to the US interest rate.