Wall Street Ramps Up Interest Rate Cut Bets After Fed Meeting: 'The Hard-Landing Crowd Should Disperse,' Economist Says
Portfolio Pulse from Piero Cingari
Wall Street analysts are increasing their expectations for further interest rate cuts after the Federal Reserve slashed rates by 50 basis points. The SPDR S&P 500 ETF Trust (SPY) initially hit record highs but pulled back during Fed Chair Powell's press conference. Positive labor market data and predictions of further rate cuts suggest a strong market outlook.
September 19, 2024 | 1:12 pm
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The SPDR S&P 500 ETF Trust (SPY) initially reached record highs following the Fed's 50 basis point rate cut but pulled back during Powell's press conference. Positive labor market data and expectations of further rate cuts could drive SPY to new highs.
The SPY is directly impacted by interest rate changes as it tracks the S&P 500 index, which initially hit record highs after the rate cut. Positive labor data and expectations of further cuts suggest a bullish outlook for SPY.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80