percentage point to arrange 2% to two and a quarter percent. the outlook for the u.s. economy remains favorable in this action is designed to support that outlook. it is intended to ensure against downside risk, we can global -- we're thinking of it as essentially in the nature of a midcycle adjustment to policy. >> bret: that's the fed chair explaining in a news conference, as they do, the effort to drop down interest rates for the first time in more than a decade and if you look at the chart, you can see where the little dip happened today. the market though when that announcement was made and how it was made did not like what they saw. take a look when that announcement was made with the dow today, the other indices taking a hit as well and the president didn't like it either. what the market wanted to have from jay powell and the federals or was that this was the beginning of a lengthy and aggressive rate cutting cycle which would keep pace with