The Federal Reserve began what will likely be a campaign of interest rate cuts Wednesday by cutting its influential federal funds rate by half a percentage point. The central bank has made similar moves in the past.

As the Federal Reserve kicks off a long-awaited rate cutting cycle, some investors are wary that richly valued U.S. stocks may have already priced in the benefits of easier monetary policy, making it harder for markets to rise much further.

Over the past few years, elevated mortgage rates and sky-high housing prices have contributed to a lack of home affordability.