I’d expect some digestion of the move or a mild drift higher
I’d expect some digestion of the move or a mild drift higher: Tom Essaye Quoted in Blockworks
In a surprise to no one, Fed cuts rates by 25bps
It’s the same crucial sentence we’ve seen before, which shouldn’t shock markets. And, as a result of no surprises, stocks should see at least a mild extension of their Trump-fueled rally, according to Sevens Report Research founder Tom Essaye.
“Given yesterday’s strong rally, I’d expect some digestion of the move or a mild drift higher,” Essaye said. “However, this outcome should keep expectations for a rally into year-end in place, led by cyclical sectors — industrials, financials, small caps [and] energy — with tech and defensives lagging.”
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