The Dow closed at a record high on Friday. Investors see more gains ahead as the Fed kicks off a new cycle of easing interest rates.

Federal Reserve Governor Michelle Bowman explained her dissent from the central bank's decision to cut interest rates by 50 basis points, saying she would have preferred a smaller cut.

Over the past couple of years, the US economy has wrung out inflation like dirty mop water from just about every sector — except for the housing market, which remains paralyzed by high prices and chronically low supply.