Usually, the Federal Open Market Committee makes decisions on adjusting its federal funds rate in unison. But not this time.

The Dow closed at a record high on Friday. Investors see more gains ahead as the Fed kicks off a new cycle of easing interest rates.

The decision by the Fed's policy-setting committee to cut interest rates for the first time since March 2020 was prefaced by an unusual amount of market uncertainty as to how much the central bank would lower its benchmark rate from a two-decade high of 5.25% to 5.5%, where it has stood since July 2023.