Transcript
Introduction
Matt
All right, Eric, we are through the third quarter of 2024. It was another positive quarter; most of them have been since we've been recording. The S&P was up close to 6%. NASDAQ trailed; it was only up close to 3%.
The Fed Rate Cut
But we had the big Fed cut—50 basis points, first cut since the pandemic. Broad strokes: how do you feel exiting the third quarter? Market sentiment generally? Immediate reaction.
Eric
I was of the mind that was a little bit out of favor with what should happen. And that's different than what I did believe might happen – the market was telling you the Fed was going to cut. And between Fed narratives of governors speaking to the market plus different contracts that you could look at to see what the implied probability was, we were always in this 25 basis points guaranteed.