By Lewis Krauskopf NEW YORK (Reuters) -As the Federal Reserve kicks off a long-awaited rate cutting cycle, some investors are wary that richly valued U.S. stocks may have already priced in the benefits of easier monetary policy,

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%.

Stocks were either up big, or down a lot, in the year after the first Federal Reserve interest rate cutting cycle, according to a team led by Keith Lerner, co-chief investment officer at Truist Advisory Services.