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Fortune

Eleanor Pringle

Wall Street wanted a September cut—instead it got a 'baby step' and stocks are hurting

Jerome Powell US Federal Reserve Fortune Rose Stephen Stanley Inflation

Federal Reserve Chairman Jerome Powell takes a question from a reporter during a news conference following a Federal Open Market Committee (Credit: Andrew Harnik - Getty Images)

On Monday, Wall Street was ready to scour remarks from Jerome Powell for hints he might deliver a much-anticipated interest rate cut in September. The hint never came.

Today, the stock market is feeling the consequences.

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