The Federal Reserve took a bold step in its interest rate decision early this morning, cutting rates by a full 50 basis points, lowering the target range to 4.75% to 5.0%. This marks the first rate cut in over four years.

In a post-meeting press conference, Chair Powell emphasized that the US economy remains strong and there are currently no signs of a recession. He described the 50 basis point cut as a "recalibration" of the Fed's monetary policy. He also stressed that the Fed does not guarantee similar cuts in the future and that investors should not expect further rate cuts of this magnitude.

During the press conference, gold surged to an all-time high of $2,600 before retreating. The S&P and Dow also reached record highs before quickly pulling back, while the Nasdaq ended the day in the red.

In contrast, the cryptocurrency market seems to be holding up relatively well. Bitcoin accelerated its rise after the US stock market closed and is still hovering around $62,000 as of this writing. In the past 24 hours, nearly $200 million in liquidations occurred across the market, with $120 million coming from short positions.