Many experts credit (resp. blame) the Fed for the market rally since the October lows.
While the early stages of the rally did coincide with the market pricing in a higher number of 25 basis point rate cuts by the December 2024 meeting, that reading peaked in early January at just under seven.
In the nearly two months since then, the number of cuts priced in for December has been more than cut in half, yet stocks kept rallying.
If the rally was just about rate cuts, we’d be closer to 4000 on the S&P 500 now rather than above 5000...