Wall Street romped to records as a delayed jubilation swept markets worldwide following the Federal Reserve’s big cut to interest rates.

In the aftermath, economists and traders moved to adjust their forecasts and wagers to account for the Fed’s new narrative. Goldman Sachs Group projected a longer string of consecutive cuts, while JPMorgan Chase’s economists reiterated their call for another half-point reduction in November even as they pointed to jobs data as key to their view.

Wall Street wavered near its records after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates. The S&P 500 slipped 0.3%