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If people were expecting the Federal Reserve to give us fireworks,

they were sorely disappointed.

That Chief Jay Powell is not given a hyperbole.

He's trying to balance price stability with job growth.

And right now the wrist tilt against the ladder.

As Powell told us today,

the labor market is really cooling off. So the widely expected quarter point rate cut made a ton of

sense. But the market was all over the place after we got this widely telegraph news down, gaining

260 points, as a me dipping point 1% NASDA, declining point 33%. It made you feel like the Fed somehow took us by surprise, but that was not the case.

The market's reaction tells me two things.

One, there are people who actually believe we get something bigger.

And two, there are people who think that stocks are overvalued without big rate cuts.

Given the pal said, quote, there wasn't widespread support for 50 basis point cut today, end quote, we were going to see some sellers.

Perhaps there were enough investors out there who thought the Fed would give in to the president and bless us with a 50 basis point cut.

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