The S&P 500 and the Nasdaq jumped to a fresh record high on Thursday after the Fed delivered a 25 basis point rate cut.

Short-term U.S. interest rates are likely to be lower on Inauguration Day in 2025 than they are on Election Day, and that means the U.S. Federal Reserve almost certainly will continue to cut the benchmark federal funds rate — not just this week but at its December meeting as well.

U.S. stocks are ticking higher ahead of the Federal Reserve’s announcement coming later in the afternoon about what it will do with interest rates.