Wall Street is holding near its records after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates.

The S&P 500 is hovering just below record territory, driven by a revived rally as bets have grown that the Federal Reserve will cut interest rates by half a percentage point.

For all the nail-biting about the economy over the past year, investors had it easy: a 5% yield on short-term U.S. debt, one of the safest investments in the world. Now, the times they are a-changin’—again.