Two weeks ago, the S&P 500 index had its worst week of the year on the idea that the economy was weakening. Last week was its best week of the year, on the idea the Federal Reserve might cut rates by 50 basis points rather than the traditional 25, when it meets this Wednesday. Expectations have changed following two articles in the Wall Street Journal raising the prospect for a 50 basis point cut, and comments from three former Fed officials who each made a case for a 50 basis point cut. In July, the consensus was looking for Q3 S&P 500 index annual earnings growth of almost 7%. Now it’s looking for just 4%. However, the pace of growth is expected to improve thereafter; to 11% in Q4, and 13% and 14% respectively in Q1 and Q2 of next year.