The Federal Reserve cut its benchmark interest rate by 50 basis points Tuesday morning. This was an unprecedented move to curb the fear-driven markets that we experienced last week.This is an extremely dovish move against the Feds dual mandate: Control inflation and maximize employment. Both of these mandates have already been accomplished with unemployment at a half-century low, and inflation under control.The Fed’s 50 point cut hasn’t been able to stimulate a market rally today with stocks trading down since the announcement.Banks are pulling the markets down even further with this cut having an obvious impact on the sector. Bank of America BAC is down over 5%, Wells Fargo WFC has seen a 4.3% decline, and JP Morgan Chase JPM lost over 3.5% today. All lagging the broader market.This 50 basis point substantially reduced the Feds ammunition to fight a more comprehensive economic downturn. The coronavirus is accelerating abroad, but its full impact may not be realized for another quarter.Breakout Biotech Stocks with Triple-Digit Profit PotentialThe biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report Bank of America Corporation (BAC): Free Stock Analysis Report Wells Fargo & Company (WFC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research