Tony Pasquariello, Global Head of Hedge Fund Coverage at Goldman Sachs, shares insights on the recent Fed rate cuts and their likely impact on US equities. He discusses the mixed market responses and the underlying technical factors at play. The conversation also dives into the influence of AI on market breadth and the performance of technology stocks, particularly the Mag-7. Lastly, Tony highlights what to watch for in the upcoming economic data and earnings reports, alongside a fun nod to Boston sports.
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insights INSIGHT
Fed Cutting Into A Hot Economy
The Fed signaled about five cuts over the next couple of years while raising growth and inflation forecasts.
That implies cuts are coming into a stronger cyclical upswing rather than a weakening economy.
insights INSIGHT
Expiry Week Accentuates Market Moves
Market reaction was muted with an initial rally that faded, then picked up pre-open amid quarterly expiry dynamics.
Technicals and options expiry can accentuate existing market trends into Friday.
volunteer_activism ADVICE
Don't Fight The Fed When It Eases
When the Fed cuts into a cyclical upswing, historical outcomes tend to favor equities absent recession.
Do not fight the Fed when it is adding stimulus on top of positive economic momentum.
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What should investors take away from Wednesday’s rate cut – and how are US equities likely to respond from here? Tony Pasquariello, Global Head of Hedge Fund Coverage in the Global Banking & Markets division, discusses with Chris Hussey on the Goldman Sachs trading floor.
Recorded on September 18, 2025.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.
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