How is the market reacting to the Fed's first interest rate cut since the financial crisis in 2008? What are analysts saying? Let's go live to Wall Street. Joining us live is Angela Moon, senior market correspondent for Thomson Reuters New York.

Angela, first off, how is the market reacting to Fed Chairman J. Powell's latest rate cut of 25 basis points? There had been speculation that it would be 50 basis points.

Well, Connyoung, some major moves we saw on Wall Street today. U.S. stocks closed sharply lower with the Dow Jones industrial average sinking to a triple-digit loss, its biggest one day fall since May 31st of this year, the S&P also down 1.1 percent and Nasdaq losing 1.2 percent as like you said investors were disappointed that although the Federal Reserve cut interest rates it refrained from suggesting further rate cuts were on the way.

J. Powell's remarks at the press conference just a few hours ago
he said there are really two portions to think about this.
First, being the U.S. economy is still looking pretty good - data since the June meeting has shown that. But, that they need to cut rates because of the issues abroad.
What does he mean, really? It makes us wonder what his next step is going to be.

Right, like you said, Connyoung, with U.S. unemployment still at a fifty year low and inflation subdued, the Fed’s focus was rather on the potential threats to the record eleven year economic expansion posed by President Trump’s trade policies and the resulting slowdown in global economic growth. The rate cut today was really all about Fed efforts to cushion the economy from the effects of President Trump’s trade war with China. Next steps? Well, your guess is as good as mine.

We got those comments from Janet Yellen a few days ago talking about the headwinds that are forming outside of the U.S. How much of the concern that we're seeing coming from the Fed has to do with the big trade overhanging. If there is in fact some kind of a deal reached between U.S. and China - perhaps in mid-September - could we perhaps see the Fed shift?

That remains to be seen. Chairman Powell, at a news conference after the decision was released, called the rate cut a “mid-cycle adjustment” and didn’t rule out more reductions. But he also said it was “not the beginning of a long series of rate cuts” because that path is only followed at times of more severe economic distress. So it’s really uncertain at this point and we know that the one thing that the WAll Street dislikes more than anything is uncertainty.

How do analysts there foresee this rate cut or even perhaps more to come in the next months impacting the global economy?

Analysts are saying that the biggest surprise here is what is not being said: that There is nothing in the statement about growth cooling here in the U.S., and there is not a whole lot to suggest another rate cut is coming down the pike,”

The threat of a recession has historically been the main catalyst for monetary easing, bu