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The last few days have been an exercise in game theory. What were the main motivations for the Federal Reserve, and would that prompt them toward a cut of 0.25% or 0.5% in the fed funds rate? We have our answer, and after a brief pause for contemplation, investors have taken stock markets to fresh records. The S&P 500 closed Thursday at its first all-time high in two months; the summer swoon is firmly in the past.
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