Fed chair Jerome Powell, later in the presser, said that the rate cut has been in the pipeline for a while and doesn't necessarily portend a long cycle of rate cuts
With the US-China trade standoff still to be resolved and with Brexit also in limbo, a cut in rates should help to assuage sentiment
Said, 'Hurricanes Harvey, Irma, and Maria inflicted severe hardship, but past experience suggests storms unlikely to materially alter course of national economy over medium term'