Consumer Price Index inflation continued to cool, reaching a new three-year low. But signs of stubbornness lingered under the surface.

The Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.

The cut, and the prospect of more before the end of the year, pushed MSCI's 47-country world stocks index close to a record high. Wall Street futures were up after the S&P 500 hit its own all-time peak overnight [.N], and Europe also opened strongly. [.EU]