CME boyz predict a .25% cut today in near unanimous fashion.
They ease up in December, leaving room for the Fed to surprise the market should there be some kind of meltdown like last December (remember the Christmas Eve massacre, which was an epic buying opportunity as the machines puked the market while the humans downed the spiked eggnog).
The bottom line is that the market is generally at or around all-time highs, the Fed is cutting to continue dipping its toe into the global currency whack-a-thon and it reserves the right to go into the bond markets with real manipulation, AKA QE by whatever name they’ll call it. It’s not normal. SPX is headlining all-time highs and they should be raising interest rates, not dropping them. But here in inflationary Wonderland the rules are different because all that debt lays beneath the surface.
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