There has been a lot of volatility coming into this week. The month of September began with the worst week of the year, which was followed up by the best of the year, last week with the S&P 500 closing +/- >4% in each instance. The main event this week was the Federal Reserve rate decision on Wednesday. Coming into that the S&P 500 was on a seven-day win streak and back within 1% of its all-time high again. In one of the most heavily debated and uncertain rate decisions that I can remember, the Federal Reserve delivered a 50bps rate cut. I’ve spent a lot of time over the last two weeks discussing the setup coming into this event and did a deeper dive into the meeting, both of which can be found in our Fed Recap, so I won’t repeat that here. The initial market reaction within equity markets was mixed but as the decision and messaging marinated with investors overnight this led to an aggressive risk-on move on Thursday, driven by the belief that the aggressive action taken by the Federal Reserve increased the probability/possibility of a soft landing and opened the door for other central banks to also ease, as currency pressures subsided.