Daily Note | August 1, 2024 | Rates Break 4%, FOMC, Pershing Square IPO Pulled

With a wink, nod, and a hat tip, Jay Powell hinted at a cut in September to kick off the easing cycle. There is no certainty in this business, as Powell said yesterday, but a September cut is likely.

The FOMC meeting supported what had been an already very strong day for equities. Both the S&P 500 (+1.58%), as well as the NASDAQ (+2.64%) and the Mag-7 (+…