A big interest rate cut from the U.S. Federal Reserve on Wednesday raised bets on further policy easing at the European Central Bank in October but this is still not the most likely outcome given different economic realities.

The Federal Reserve kicked off its campaign to lower interest rates with a larger-than-typical half percentage-point cut, while the Bank of England decided against a second consecutive reduction.

Federal Reserve Chair Jerome Powell is known for providing clear signals about the central bank’s next interest rate move in order to avoid roiling markets. But Wall Street was mostly clueless this week when it came to predicting how big a rate cut the Fed would deliver on Wednesday.

The Federal Reserve hit the ground running on Wednesday with a big rate cut to kick off its easing cycle, signaling its seriousness about wanting to fend off any further deterioration in the labor market.

The Federal Reserve lowered its benchmark interest rate by half a percentage point, an aggressive start to a new cutting cycle amid cooling inflation and a softening labor market. Historically, the S&P 500 has returned a median of 10% during the 12-month period following the first rate cut in a cycle,

Stocks jumped Thursday morning as investors cheered the Federal Reserve’s eye-popping half-point interest rate cut.