Last week’s Fed statements revealed that its Open Market Committee was thinking about the possibility of interest rate cuts at some point, and the markets responded with insane glee, unexpectedly sending the S&P 500 up to nearly an all-time high. Today on the show, hosts Katie Martin and Rob Armstrong try to figure out what exactly it all means, and what could derail the suddenly rosy future. Also, we go long fraud and short Christmas cards. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferFollow Ethan Wu (@ethanywu) and Katie Martin (@katie_martin_fx) on X. You can email Ethan at [email protected] a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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“What did the council decide on item 42?” — answered with the speaker and the moment.