BofA Global Research raised its forecast for the Federal Reserve's anticipated interest rate cuts for the remainder of this year to 75 basis points, after the U.S. central bank kicked off a widely expected series of reductions on Wednesday.

The Federal Reserve announced an interest-rate cut of 50 basis points on Wednesday, the first in four years after aggressive inflation fighting.

BofA Global Research raised its forecast for the Federal Reserve's anticipated interest rate cuts for the remainder of this year to 75 basis points, after the U.S. central bank kicked off a widely expected series of reductions on Wednesday.

The market will likely view the Federal Reserve’s first rate cut in four years as a key signal for future policy expectations, Bank of America strategists said Tuesday. More concretely, a 50 basis points (bp) cut could increase