Wall Street's new era off to rocky start despite big Fed cut
In the aftermath, economists and traders moved to adjust their forecasts and wagers to account for the Fed’s new narrative. Goldman Sachs Group projected a longer string of consecutive cuts, while JPMorgan Chase’s economists reiterated their call for another half-point reduction in November even as they pointed to jobs data as key to their view.
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Asian markets forged higher on Thursday after the Federal Reserve kicked off its efforts to prevent a recession in the U.S.
The U.S. stock market was declining midday Friday, but all three major benchmarks remained on course for weekly gains after a sharp rally in the wake of the Federal Reserve’s rate cut on Wednesday.
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