Soar Financia's Kai Hoffman invited me to do another Fed Day debrief, live, just minutes after Powell's press conference. It's true that the much-anticipated dot-plot showed FOMC economic conditions expectations edge up slightly for this year, and slightly more for 2025 and 2026, but the FOMC still signalled that in aggregate it was expecting to cut rates three times this year. That was enough for Wall Street to break out the punch bowl. Then Powell made multiple statements that while sounding tough, were still dovish. Perhaps the strongest of these was saying that he thought the Fed would slow down its balance sheet reduction "soon." That really spiked the punch bowl, sending equities to new all-time highs—and gold as well (at least nominally). Hot off the presses, here's my take on the investment implications of the latest Fed action.
