Wall Street's top economist Ed Hyman says a third Fed rate cut is the market's 'secret sauce'

"This will be the third rate cut and that's been sort of the magic sauce in the 1990s to get growth to stop slowing," said Evercore ISI Chairman Ed Hyman.

"They feel like they are in sort of a familiar territory if this works out, and the stock market rallying is a suggestion that it is working out," Hyman said.Christopher Goodney | Bloomberg | Getty ImagesHyman, who has been ranked the top economist in Institutional Investor's annual poll for more than three decades, believes the Federal Reserve will deliver a interest-rate cut this week, giving the economy a needed jolt.

Don't be so sure. The Fed has learned a few things this year.

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Why would the Fed cut interest rates a 3rd time in a row even as stocks near records? Investors may soon find outA scant few think that Jerome Powell & Co. will opt not to cut interest rates next week for a third time in as many gatherings of the rate-setting Federal Open Market Committee on Wednesday. The stock market should be a function of interest rate policy Fed interest rate policy should not be a function of stock prices Because interest rate policy is about managing inflation and employment, with an eye toward economic growth—- not equity values...
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