"The Fed is more worried about the labor market and less concerned about inflation at this point," a Glenmede analyst said.

Jerome Powell, the unflappable Federal Reserve chair, would never march into a press conference, declare victory over inflation and drop the mic while giving a middle finger to his haters. That’s not his style.

The Fed's decision to cut interest rates by 50 basis points reflects its growing confidence in taming inflation and a renewed focus on supporting the job market.