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 is slated to cut interest rates in its meeting Wednesday. Follow along for live updates on the Fed interest rate decision.

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