QQQs -43ps on a bit of sell the news reaction after Fed decided to cut by 50bps: ““The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance” Only one dissenter (Bowman). Dots shifted lower implying another 50bps worth of cuts before the end of the year and 100bps in 2025. Powell was was noncommittal about future steps, and said investors shouldn’t assume 50bp is the “new normal” in terms of pace. 2 year climbed 2.5bps while 10 year rose 6bps.
SOX -1% underperformed as did software while internet o/p’d. Fairly slow news/research day outside of the Fed, but let’s get to it…
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