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

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To Evercore ISI Chairman Ed Hyman, the so-called Fed put is alive.

"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.

 

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

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