The Federal Reserve cut its key interest rate by 25 basis points on Wednesday, taking its overnight borrowing rate to a target range of 4.25%-4.5%. While the Fed's dot plot indicated expectations for rates in the years ahead, investors were already anticipating the rate cut and had priced in the benefits into stocks. This led to a sell-off in markets as investors digested the Fed's forecast that monetary policy in 2025 will remain tighter than previously forecast.
Micron Technology's stock also fell sharply despite beating earnings expectations for its last quarter. Analysts noted that the company's stock seems 'widely disconnected … from fundamentals,' even though shares are still up 75% since the 2020 election
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