A global stock and exchange traded fund (ETF) selloff prompted yet another rate cut by the Federal Reserve. This move marks the biggest action in recent years by The Feds in an attempt to stave off an impending recession.

Heightened fears of a recession coaxed the key interest rate cut of 3/4 of a point on Tuesday, and indicators are implying this won’t be the last, reports Martin Crutsinger for Associated Press.

The surprise reduction went from 4.25% to 3.5%, marking the biggest rate cut since 1990. Many expect another .50% rate cut next week at the regularly scheduled Fed meeting. Chairman Ben Bernanke and his associates took action after indications Monday suggested the global markets are getting weighed down by the idea of the U.S. economy weakening. Despite the cut, Wall Street still took a nosedive in the first hour of trading.

Tags: Federal Reserve, Financial