I thought it was a bit of a surprise from the Fed to cut rates by half a point to 4.75% to 5%, but not that wild.
The S&P, Dow and Nasdaq all shot up after the announcement, but those gains quickly evaporated and went negative. Dow was down 0.25% and S&P and Nasdaq 0.3% by 4 0’clock.
I’m wagering it will lower target range by a further 75 bps by the end of 2024.
