Fed officials are betting that a slow-and-steady series of rate declines will keep the economy humming and inflation in check.

Wall Street's main indexes were mixed on Wednesday, with the S&P 500 hovering near a record high, as investors awaited more indicators on the state of the economy and upcoming interest rate reductions.

Most of the U.S. stock market edged lower after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates.