The Fed announcement on Wednesday was about as positive as you could get for a period that came with no rate cut. That is because inflation data of late has been a touch too high and seemed to lower the odds that the Fed would stick to previous statements about 3 rate cuts this year.
Gladly the language was pretty clear that they still expect to cut relatively soon (most signs point to June). This gives plenty of time for 3 cuts on the year ending closer to the 4.6% estimate of Fed officials. With that, stocks bolted to new all time highs above 5,200 for the S&P 500 (SPY).
