The Fed delivered on expectations to start rate cutting with a solid 50 point basis move on Wednesday. Along with that was the expectation for another 150 points of reduction to be served up by the end of 2025.
This was more dovish than expected which helped push the S&P 500 (SPY) to new highs. Even more appealing was the broadening out of gains from just a handful of mega caps to many small and mid cap stocks.
