Wall Street Traders Go All-In On Great Monetary Pivot Of 2024

After clashing in recent years, Wall Street traders and the Federal Reserve are — for once— broadly in sync: The great monetary pivot is near as central bankers engineer a once-unthinkable soft landing in the world’s largest economy.

- Bloomberg

That’s the big-picture takeaway after the Fed gave its clearest signal yet that its historic policy tightening campaign is over by projecting more aggressive interest-rate cuts in 2024 — in the process igniting one of the biggest post-meeting rallies in recent memory.

Virtually no corner of financial markets was left out of a cross-asset advance which began Wednesday and extended into Thursday trading: Global shares spiked higher. Front-end Treasuries posted their best day since March. World currencies surged against the dollar and corporate bonds rallied.