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.

Asian shares advanced Friday after most U.S. stocks rose as the Federal Reserve cut interest rates again to ease pressure on the economy.Oil prices fell while U.S. futures edged higher.Regional investors were watching for much-anticipated steps by Beijing to rev up the slowing Chinese economy as the top body of the national legislature wrapped up a meeting this week.