Stocks are rallying in a "got what we wanted" move after the Fed's rate cut. The Fed cut the target Fed funds rate by a half point to 3 percent. It also cut the discount rate by a half point.

At first brush, the Fed's cut and statement are friendly to the stock market, which has moved up more than 150 points on the Dow. The statement also implies the Fed is open to continue cutting rates as needed.

Key comments from the Fed statement:

*The Fed notes financial markets remain under considerable stress and credit has further tightened for households and business

*The Fed sees deepening of the housing contraction, and weaker labor markets

*Inflation is expected to moderate but it will continue to monitor it

*Today's action should promote moderate growth and curb some risks to economic activity

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