The Federal Reserve has disappointed investors this year, but no matter. The markets have adjusted.
Even without any interest rate cuts so far in 2024 - and with the likelihood of just one meager rate reduction by the end of the year - the stock market has been purring along. That's quite an achievement, given the expectation in January that the Fed would trim rates six or seven times in 2024 - and that interest rates throughout the economy would be much lower by now.
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