The last two times the Fed's first rate cut was 50+ basis points:

🔸 Jan 3, 2001:

• S&P 500 dropped ~39% over the next 448 days

• Unemployment increased by another 2.1%

• Led to a recession

🔸 Sep 18, 2007:

• S&P 500 dropped ~54% over the next 372 days

• Unemployment increased by another 5.3%

• Led to a recession

🔸 Sep 18, 2024:

• ?

• ?

• ?