Wall Street Reacts to ‘Dovish' First Fed Rate Cut in 4 Years [BNN Bloomberg (Canada)]
Truist Financial Corporation (TFC)
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Source: BNN Bloomberg
The move brings to an end weeks of speculation about whether the Fed would kick start its easing cycle with a quarter- or half-point cut. Traders were pricing a roughly even chance of each outcome in the immediate run-up to the decision. “This is not just a 50 basis point cut, this is a dovish 50 basis point cut,” said Mohamed El-Erian, Bloomberg Opinion columnist and president of Queens' College, University of Cambridge, on Bloomberg Television. “My question is what has changed since July, when they decided not to cut rates, and now there's this very aggressive cut and aggressive signaling.” Here's what others on Wall Street are saying: Phil Mesman, portfolio manager at Picton Mahoney Asset Management “A 50 bps cut is a reasonable precaution against a further deterioration in the labor market, given that inflation risks have subsided. Further, the cut is not a too unreasonably aggressive first step as inflation risk appears less problematic.” Nathan Thooft, a senior portfo
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