Wall Street Droops, Dollar Edges Back After Bumper Fed Cut; Comments from Tom Herrick
Tom Herrick, Chief Market Strategist at Cary Street Partners, comments on the Federal Reserve’s rate cut decision, saying, “There’s a ton of room to go lower here, combined with what I would call wobbly labor data, wobbly not terrifying… They took a big bite to start.” Herrick’s remarks suggest that while labor market data is shaky, it’s not alarming, and the Fed’s significant rate cut indicates a bold initial move in addressing economic concerns.