海外研报

Will they do 25 or 50

Today's topics: US equities consolidated, bond yields higher // A three-prongedfocus today for the Fed // Size of rate cut, updated Fed forecasts, and Powell’s press

GD--FED DID THE RIGHT THING, AND NOW THE FUN BEGINS

By finally easing and revealing its plan for a faster pace of cuts, the FOMC finally set loose a new set of marketdynamics to impact the economy – unless the path to recession is already fated. I do not believe recession is fated

GD--LONG RISK – REVIEWING OUR KEY TRADES

We maintain our risk on positioning (equal weight S&P 500 & high-yield creditfocused trades) as the combination of Fed rate cuts and resilient growth will send

A jumbo cut to start the easing cycle

The FOMC delivered what markets had asked for by cutting the target range 50bp to 4.75-5.00%, highlighting its strong commitment “to