The Federal Reserve on Wednesday cut interest rates with U.S. stocks trading near a record high. leaving investors searching for historical clues to the path ahead for markets. The S&P 500 briefly traded above its record close from July 16 after the Fed delivered a rate cut of 50 basis points before trimming its gain,

Bond yields typically decline amid rate cutting, so the yield curve might remain inverted at least through next March.

The Federal Reserve granted the market its wish and lowered its benchmark federal funds rate by 50 basis points.