What happens after the Fed cuts is all about the economy

The S&P 500's Dividend Yield has moved down to 1.19%, the lowest level since 2000

The bond market is now fully pricing in 2 rate cuts by year-end and 3-4 more cuts in 2026. That would bring the Fed Funds Rate below 3.00%.

Treasury market is telling us that the economy is slowing

"For the first time in more than four years, there are fewer open jobs than there are job seekers."