US markets ‘surge’ after Federal Reserve’s ‘supersized rate cut’

CommSec’s Tom Piotrowski says US markets “surged” after the Federal Reserve’s “supersized rate cut”. The US Federal Reserve has cut interest rates for the first time in four years. The move has been seen by some economists to cool the country’s economy and lower inflation. “It’s been a session of contrast following the Fed’s supersized rate cut – they cut rates by a half of one per cent,” Mr Piotrowski told Sky News Australia. “There was a reasonable chance that they would do that; there was around a 60 per cent probability. “For much of the session, we didn’t see any activity in a meaningful way. “Afterwards, markets surged.” Presented by CommSec.