Stock markets spiked and then immediately reversed course after the Federal Reserve lowered the federal funds rate by a quarter percentage point to 4% from 4.25% on Wednesday in a move that had been telegraphed for weeks leading up to the meeting. Newly sworn in Federal Reserve Governor Stephen I. Miran voted against the action, in favor of a steeper cut of half a percentage point, the Fed disclosed in its monetary policy update . Miran was the only member to dissent.

Stock markets, which have been at all-time highs , rose in response to the decision to cut rates by 25 basis points, but dropped down soon after. The S&P 500 closed down 0.1%, the Nasdaq closed down .33%, and the Dow Jones Industrial Average closed up 0.57%. The Russell 2000, which includes smaller-cap stocks, ro

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