Republican presidential candidate Donald Trump said on Thursday the U.S. Federal Reserve's decision to cut interest rates by half of a percentage point was "a political move."

As the Federal Reserve kicks off a long-awaited rate cutting cycle, some investors are wary that richly valued U.S. stocks may have already priced in the benefits of easier monetary policy, making it harder for markets to rise much further.

Trump attributed the rate reduction to either a "very bad" economy or to the Fed's "playing politics" to help Democrats.