Happy Fednesday. The long-awaited Fed pivot officially started today with an historic 50bps rate cut, the first cut since 2020. The excitement was palpable as the kneejerk reaction was for the SPX (all-time intraday high), CCMP, small caps and Gold (record high) to ramp higher, while the DXY and yields turned lower. But that was reversed in prompt fashion during Jerome Powell’s presser as he watered down further expectations saying, “the committee is not in a rush” and “no one should look at th…
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