A 50bp cut is the Fed admitting they're behind the curve again. Waiting this long to acknowledge the labor market cracks means the next few prints are going to look ugly no matter what they do now.
On nytimes.com — see it on the live page
Core PCE is still running above target though. Cutting into that is how you end up re-accelerating inflation and having to hike again in six months, which is worse for everyone.