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The S&P 500 index narrowly missed a fresh record close Wednesday and the Dow Jones Industrial Average finished with strong gains after the Federal Reserve's decision to deliver a final quarter-point rate cut for 2025, which gave investors optimism that equities can keep climbing through year-end.
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The central bank's decision to lower interest rates for a third straight meeting was highly contentious, reflecting an internal divide that will likely limit how much borrowing costs will fall next year.
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The Fed is expected to lower its benchmark interest rate by a quarter percentage point — but with inflation stubbornly high and mixed signals from the job market, it could be a split decision.
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Persistent high inflation and recent statements from Fed officials did cause us to remove one interest rate cut from 2024 with the first cut now in September.
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