Stocks (DJI, IXIC, GSPC) are trading mixed following the Federal Reserve’s decision to hold interest rates steady. The central bank revised its rate cut estimates to just one cut in December. To discuss the implications for markets, Verdence Capital Advisors chief investment officer Megan Horneman joins Market Domination.
Horneman notes that the Fed’s prediction of a single rate cut was unsurprising, stating there were "way too many rate cuts priced into the market." However, she expresses surprise at Fed Chair Powell’s hawkish pivot during the meeting, saying his previously dovish tone had been "fueling this optimism around rate cuts for this year."
Regarding the near-term outlook for markets, Horneman is cautious, stating, "I don’t see really what any potential upside catalysts are, and that’s the problem. That’s why we’re a little cautious here on the market. I see more catalysts to the downside."
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