BofA Global Research raised its forecast for the Federal Reserve's anticipated interest rate cuts for the remainder of this year to 75 basis points, after the U.S. central bank kicked off a widely expected series of reductions on Wednesday.

The Fed’s decision to cut the benchmark interest rate by a half point on Wednesday could spur a new wave of home renovations as more people ready their properties for sale or take advantage of cheaper improvement loans.

We concluded that this was the right thing for the economy and the people we serve,” the Federal Reserve chair, Jerome Powell, said, referring to the central bank’s decision to cut interest rates by half a point.