It has been a tumultuous twenty-four hours for the markets, and that will continue to be this week’s theme as investors wade through the AAA earnings, and Nonfarm Payrolls. Markets have been watching the deteriorating eco data recently and have decided that the Fed will not only terminate its hiking cycle at 5%, but also start cutting at year end. First it was only a 25bps, but after yesterday’s FOMC meeting, that has grown to 50bps. In Powell’s defense, he did reiterate the Fed’s intent to be “appropriately restrictive” until inflation is under control, but acknowledged that investors needed to do their thing.
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