Julian Howard, chief multi-asset investment strategist at GAM Investments, said the Fed's decision to cut interest rates by 50 basis points caused unnecessary panic. Howard believes that this marks the beginning of a rate cut cycle aimed at supporting the US economy as inflation falls back to the target level of 2.0%.
He noted that the U.S. unemployment rate remains at 4.2%, which is low by the standards of the past 30 years, and the latest nonfarm payrolls report showed 142,000 new jobs were added in August.
