The Federal Reserve announced a 25 basis point rate cut. Although this decision was within market expectations, it still triggered a sharp decline in the U.S. stock market, gold, and the cryptocurrency market. The Dow Jones Industrial Average (DJIA) fell by 2.58%, marking its longest consecutive decline since 1974 with 10 consecutive trading days of losses.

This rate cut is considered a hawkish cut; although the rate was lowered, there were additional comments that clearly went against Trump.