The Globe and Mail reports in its Thursday edition that on Wednesday the Federal Reserve signalled its interest rate-hiking policy is at an end and that it sees lower borrowing costs in 2024. A Reuters dispatch to The Globe reports that the Dow Jones Industrial Average rose more than 500 points and notched a record closing high, confirming the blue-chip industrial average has been in a bull market since Sept. 30, 2022, by common definition. AXS Investments' Greg Bassuk said: "The Fed delivered an early holiday present this year. Investors are embracing change in Fed sentiment toward a more dovish stance. It really underscores the trade that investors have been making over the last few weeks, that rates are set to decline in the coming year." The U.S. two-year Treasury yield, which is particularly sensitive to Fed policy moves, dove 30 basis points and the U.S. 10-year yield fell to its lowest since August. The Federal Open Markets Committee left its federal funds target rate unchanged at 5.25 to 5.50 per cent. In its accompanying statement, the Fed acknowledged that inflation has eased and implied that the rate tightening cycle might be over. Its dot plot hinted that lower borrowing costs could be in the cards in 2024.