The Globe and Mail reports in its Monday, Sept. 18, edition that the end of the Federal Reserve's rate-hiking cycle has generally been a good time to own U.S. stocks, but an uncertain economic outlook and stretched valuations could dampen upside this time around. A Reuters dispatch to The Globe reports that after raising borrowing costs by 525 basis points since March, 2022, the Fed is widely expected to keep rates unchanged at the conclusion of its meeting next week. Many investors believe policy makers are unlikely to raise rates any further, bringing an end to the Fed's most aggressive monetary policy tightening cycle in decades. If they are right, stocks could be poised for more gains. After the Fed's past six periods of credit tightening, the S&P 500 rose an average of 13 per cent from the final rate hike to the first cut in the following cycle, an analysis by financial research firm CFRA showed. Investors with a more bearish view, however, say it is only a matter of time before higher rates tighten economic conditions and bring a downturn. The S&P 500 is already up over 16 per cent this year, aided in part by a U.S. economy that has stayed resilient in the face of higher interest rates.