The Fed's Dovish Pivot Fuels Further Gains For Financial Markets

Last Wednesday, the Federal Reserve kept its benchmark Fed Funds rate unchanged for the third consecutive meeting. However, a significant development was the Fed's transition from its emphasis on raising rates to projecting at least three rate cuts in 2024. This shift sparked a rally in both stocks and bonds. In this video, we explore the implications of this pivot, but that's not all. As we approach the conclusion of 2023, we highlight how accurate—or often, inaccurate—many Wall Street firms were with their respective price targets for the S&P 500.