The dollar bounced, long-dated bond yields were up and Asian stocks rose after the U.S. Federal Reserve announced a 50-basis-point rate cut and flagged that its easing cycle would be measured. The S&P 500 hit a record high overnight and although it closed slightly lower,

The US dollar is entering a downward trend as the Federal Reserve starts lowering borrowing costs and signs of optimism emerge in other parts of the world, according to Sophia Drossos, a strategist and economist at Point72 Asset Management.