Markets expected the rate cut, but the ‘real surprise’ is the Fed’s opinion on the current state of the economy, quant CEO says

Stock markets spiked and then immediately reversed course after the Federal Reserve lowered the federal funds rate by a quarter percentage point to 4% from 4.25% on Wednesday in a move that had been telegraphed for weeks leading up to the meeting. Newly sworn in Federal Reserve Governor Stephen I. Miran voted against the action, in favor of a steeper cut of half a percentage point, the Fed disclosed in its monetary policy update. Miran was the only member to dissent. Stock markets, which have been at all- ...