The Federal Reserve hit the ground running on Wednesday with a big rate cut to kick off its easing cycle, signaling its seriousness about wanting to fend off any further deterioration in the labor market.

Are we looking at a recession, or soft landing? Either way, a rate-cutting environment has big implications for your stocks, bonds, and savings.

Republican presidential candidate Donald Trump said the Federal Reserve’s decision to lower its benchmark interest rate by a half percentage point was a “political move” and that a smaller cut would have been preferable.