Today's aggressive rate cut, doubling the widely expected 25 bps reduction, signals deepening concerns about the health of the U.S. economy.

Bitcoin edged higher after the Federal Reserve reduced borrowing rates for the first time since the Covid pandemic paralyzed the economy more than four years ago and helped cryptocurrencies break into the mainstream.

Former President Trump on Wednesday said the Federal Reserve’s decision to cut interest rates showed the economy was struggling, or the central bank was “playing politics.” Trump