The market is celebrating the Fed's 50 basis point rate cut. Read why the potential benefits of the cut are already priced in.

The Federal Reserve is expected to cut its influential fed funds rate in its September meeting. But economists and market watchers are waiting to know by how much.

We concluded that this was the right thing for the economy and the people we serve,” the Federal Reserve chair, Jerome Powell, said, referring to the central bank’s decision to cut interest rates by half a point.