The US central bank's decision to slash interest rates this week is a "very positive sign" for where the world's biggest economy stands, US Treasury Secretary Janet Yellen said Thursday.In a separate speech on Thursday,

The president said he was not declaring victory over inflation, but marking a pivot point for the recovery from pandemic recession.

The U.S. dollar edged slightly lower in choppy trading on Wednesday as markets grappled with the supersized 50 basis point interest rate cut as well as the switch to an easing monetary policy stance delivered by the Federal Reserve.

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

Investors have sent stocks and bonds higher on expectations of a soft landing. But some Republicans think the central bank overstepped its bounds.

Traders on Thursday added to bets the U.S. Federal Reserve's next rate cut will be smaller than the one it delivered on Wednesday, after economic data showed an unexpected drop in unemployment insurance claims.

Oil futures ended higher Thursday, a day after the Federal Reserve delivered a large interest-rate cut and set the stage for further easing of monetary policy.

The markets had mostly priced in a quarter-point cut until about a week ago. That’s when people, including former Fed voting member Bill Dudley, began floating the idea that a half-point cut was more than justified given conditions (Dudley went as far as to say that there was a “strong case” for it).