The federal funds rate is a benchmark that influences other interest rates throughout the economy. The Federal Reserve doesn't control the federal funds rate directly. Instead, it uses various monetary policy tools to steer the benchmark toward a target range, which is currently 4.75% to 5%.

FedEx stock was falling sharply in premarket trading Friday after the company reported worse-than-expected fiscal first-quarter earnings.The economy just isn’t helping, and there is a troubling shift happening which shows why the Fed just cut benchmark interest rates.

The Federal Reserve on Wednesday cut interest rates with U.S. stocks trading near a record high. leaving investors searching for historical clues to the path ahead for markets. The S&P 500 briefly traded above its record close from July 16 after the Fed delivered a rate cut of 50 basis points before trimming its gain,