The central bank’s decision brings the benchmark federal-funds rate to a range between 4.75% and 5% and follows an all-out fight against inflation launched two years ago.

Over the past few years, elevated mortgage rates and sky-high housing prices have contributed to a lack of home affordability.

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,