The dream of rate cuts can only be put on hold. How does Wall Street interpret the Fed's decision?

Wall Street got a reality check on Wednesday as the Fed expects only one rate cut in 2024 and traders hope the Fed will be more aggressive in reducing borrowing costs.

The S&P 500 and Nasdaq 100 narrowed their gains after rising more than 1% earlier, but remained close to all-time highs, driven by gains in interest-rate sensitive technology stocks such as Apple, Microsoft and Nvidia. Fed swaps show that despite the Fed's guidance, traders are still inclined to cut interest rates at least twice this year. Swap contracts are also pricing in 25 basis point rate cuts in November and December.

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