50 bps! Ready to Embrace Rally or Sell the News?
On September 18, 2024, the Fed cut rates by 50 basis points to 4.75%-5%. This is the first cut since March 2022. The Fed forecasts a total of 100 basis points in cuts for 2024 and another 100 basis points in 2025.
The Dow Jones and S&P 500 both hit record highs during the trading session but soon gave back some gains. All three major indices turned negative, with the Dow down 0.25%, the Nasdaq down 0.31%, and the S&P 500 down 0.29%.
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Will 50bps continue to boost market higher or time to sell the fact?