CNBC Daily Open: Markets need time to digest the 50-point cut
Federal Reserve Chairman Jerome Powell recently announced a jumbo-sized 50-point cut in interest rates, bringing the federal funds rate to 4.75%–5%. The Fed also projects another half-point cut before 2025, with a higher estimated unemployment rate for this year. While U.S. markets initially rose on the news, they couldn’t sustain their gains. A CNBC survey…