Remember, the Fed is coming from the lowest bound ever to commence a new rate cut cycle. 225 basis points. Compared to the last 2 cycles they have less than half of available ammunition available. They’d be nuts to cut here, but with this crew who knows. After all they jump as soon as the market so much as sneezes.
But that’s the problem for the Fed here, the market is not sneezing, it’s jammed near all time highs on the expectation of rate cuts. But it’s the Fed’s own fault, the constant proactive interventions have created the expectation game.