Wall Street has catapulted to records on hopes the slowing U.S. economy can keep growing while the Federal Reserve cuts interest rates to offer it more juice. A big test will arrive Friday, when the U.S. government offers its latest monthly update on the job market.

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

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.