The federal funds rate is a benchmark that influences other interest rates throughout the economy. The Federal Reserve doesn't control the federal funds rate directly. Instead, it uses various monetary policy tools to steer the benchmark toward a target range, which is currently 4.75% to 5%.

Investors’ giddy reaction turned slightly negative to the hotly anticipated Federal Reserve decision to lower interest rates by 50 basis points Wednesday, as the central bank opted for the more stock-friendly route to kick off its rate cutting cycle.

The S&P 500 and the 30-stock Dow touched fresh all-time highs before closing near the flatline on Tuesday. Here’s what CNBC is watching going into Wednesday.