At its meeting on Wednesday the Federal Open Market Committee voted 8 to 2 to cut its Target Rate by a quarter-point in order to, in the words of Fed Chairman Jerome Powell, "provide some insurance against ongoing risks" associated with the China trade war and slowing global economic growth.

Earlier this year the Fed had cut rates twice, in July and September.

Fed-watchers believe the wording of Wednesday's media release signals there will be no further rate cuts in the near future.

President Trump reacted to the rate cut by tweeting that people are "very disappointed" in Mr. Powell, and that "China is not our problem, the Federal Reserve is!"

The S&P 500 index rose 9.88 points on Wednesday to close at a record $3046.77.