The Fed cut rates. What’s next for markets?
At 2:01 pm Wednesday, right after the announcement that the Fed had cut rates by half a point, the S&P 500 hit an all-time high of 5,678. For the next two hours, it oscillated dramatically, to close modestly lower on the day.
Why it matters: The Fed’s decision, complete with a rare official dissent from a board member, turns out to have provided less clarity than some might have hoped.