The Stock Market Had a Psychotic Episode After the Fed Rate Cut Yesterday, Plunging 479 Points from the Day’s High

The Federal Reserve yesterday cut its benchmark interest rate, the Fed Funds rate, for the first time in four years. The cut was by half a point rather than the customary quarter point increments typical of Fed rate moves. Only one member of the Federal Open Market Committee (FOMC), Michelle Bowman, voted against the action.