Stocks Swoon, Retail Credit Rises: PYPL, SQ & ARES

August 2, 2024 | Premium Service | With the post-COVID economy finally going into a stall, Wall Street has managed to convince itself that the Federal Open Market Committee is going to cut the target rate for fed funds in September. This is just two months before a contentious general election. Some bold pundits have even decided that the FOMC will give us three rate cuts between now and January 2025. We still like the no or one rate cut in '24 narrative, but Federal Reserve Chairman Jerome Powell may decide to get political on his way out the door.

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