The Federal Reserve handed down a large interest rate cut this week, dialing back the central bank's fight against inflation and signaling welcome relief for borrowers. It remains to be seen, however,

Stocks jumped Thursday morning as investors cheered the Federal Reserve’s eye-popping half-point interest rate cut.

Some forecasters expect the Fed to cut interest rates by a quarter-point Wednesday. Most, however, expect a half-point reduction. The CME FedWatch forecast tracker favored a half-point cut by a 55-45 margin at midday. (Earlier Wednesday, forecasters rated the probability of a half-point reduction even higher.)