The Federal Reserve cut its key interest rate by 0.5 percent, or 50 basis points, on Tuesday, thrusting it into the center of a political firestorm.

Donald Trump quickly weighed in to suggest that the panel could be “playing politics” with its decision, given its proximity to November’s presidential election.

Asked for his reaction at a New York City campaign stop, the former president said, “I guess it shows the economy is very bad to cut it by that much—assuming they’re not just playing politics. The economy would be very bad or they’re playing politics, one or the other.”

Earlier in the day, the Fed cut its key borrowing rate from 5.25 to 5.50 percent—setting banks’ short-term borrowing rates between 4.75 and 5 percent. Markets rose immediately on the cut, the biggest since crisis measures taken in 2008 as the economy collapsed into the Great Recession.

“The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance,” the Fed said in a statement.

The cut is also the most politically-charged action taken in recent history by the interest-rate setting body—because former president Donald Trump had repeatedly demanded that it keep interest rates stable ahead of the November election.

Trump and his aides believe a cut in the cost of borrowing would benefit Vice President Kamala Harris’ campaign by convincing people that the economy is strong and by reducing concerns over inflation.

Republican House Speaker Mike Johnson also hailed the move in mild terms, calling it “welcome news for consumers,” but challenged its slightly “suspect” timing.

“Right on the eve of an election? I don’t know. Count me as curious about it,” he remarked, according to CNN.

Both President Joe Biden and Vice President Kamala Harris were more effusive in their praise, with Biden calling it an “important moment” and adding that he would address the matter in more detail in a Thursday speech.

Harris, for her part, said in a statement that though the rate cut was “welcome news for Americans who have borne the brunt of high prices,” her focus remained on “the work ahead to keep bringing prices down.”

Wall Street’s reaction to the aggressive but widely-expected move was relatively subdued. In its immediate aftermath, the Dow Jones Industrial Average climbed more than 350 points, touching the record it set Monday before receding to close at 41,503.10, having slid just over 103 points, or 0.2 percent.

The S&P 500 and the Nasdaq also experienced initial surges, with the former eventually dropping 0.29 percent to close at 5,618.26 and the latter 0.31 percent to 17,573.30.