The Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.

The final rate-setting meeting before the November election brought the first cut since March 2020, a move likely to prove popular for everyday Americans.

U.S. stocks closed with modest losses on Wednesday, well off their intraday highs, after the Federal Reserve cut interest rates by 50 basis points, the high side of estimates for its first cut in more than four years.