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We are upgrading our SPY ranking by 5 points to +25, reflecting the significant technical developments following the central bank’s decision to lower interest rates by 0.50%. This oversized cut, coupled with signals of a more aggressive cutting cycle than previously assumed, has had a substantial impact on market dynamics. Governor Waller’s comments on Friday suggesting the oversized cut was due to improvement in inflation is a positive sign for the market, indicating that the Fed is cutting rates to alleviate the restrictive territory of the overnight rate rather than due to economic concerns.
