The Federal Reserve cut the central bank’s benchmark rate by 50 basis points to a new range of 4.75%-5.0% on Wednesday and charted a course for two additional cuts this year followed by four more in 2025.

The Fed did wait longer than some other central banks to begin easing monetary policy but Fed Chair Jerome Powell said "that patience has really paid dividends" since it allowed policy makers to get more comfortable about the downward path of inflation.

That confidence was reinforced by five consecutive reports from the Consumer Price Index that showed progress after some hotter-than-expected readings in the first quarter.

When asked about the economy's vulnerability to a shock that could cause a recession, Powell said "I don't see anything in the economy right now that suggests that the likelihood of a downturn is elevated." \