
Fed forecast was gloomy, making the market’s initial response puzzling
Stocks rallied Wednesday after the Federal Reserve reiterated expectations for two interest rate cuts later this year. Under the surface, though, the Fed’s outlook was less-than-great, making the market reaction somewhat counterintuitive. The S & P 500 and the Nasdaq Composite ended the day more than 1% higher. The Dow Jones Industrial Average popped more…