Well, that was Fed Chair Powell following the decision to cut interest rates by 25 basis points.

The chair saying the economy continues to expand at a solid pace that labor market conditions

have eased. He was noncommittal on another rate cut in December. I want to show you what the

major averages are doing, pretty much hanging on to those gains. does follow that massive day yesterday nasdaq's been

the outlier all day up one and a half percent but the s&p and the dow are also winners welcome

to closing bell i'm scott wapner live here post nine new york stock exchange let's bring in now

double line capital CEO and cio geoffrey gunlock geoffrey welcome back for our traditional visit

hey judge good to be here again.

It's good to have you. So what is your reaction to what the Fed share had to say today?

He used a couple of R words, the one we talked about last time, recalibration, and then

remarkable, he said, when describing the resiliency of this economy.

Yeah, recalibration showed up again, and that's a repeat of the last meeting, sort of word of the meeting. And I think Powell feels very much that he's in a good place now, because since the July 31st meeting,

we have the two-year treasury rate is up by almost 60 basis points,

and the Fed funds rate is now down by 75 basis points.

So he's gotten much more in sync with the bond market by a movement of Fed funds relative to two years

of 135 basis points of convergence in just basically two meetings.

So I really think that we probably have one more rate cut coming in December, because that would

true up the Fed funds rate with exactly where the two-year treasury rate is right now.

So it is interesting that we've had such a strong performance of the stock market since

the last Fed meeting, while we've had interest rates rising.

So you've had a tremendous outperformance of stocks versus at least treasury bonds since the last

Fed meeting.

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