Cynthia Honcharenko, Director of Fixed Income Portfolio Management, joins the podcast to deliver a report on this week’s Federal Open Market Committee (FOMC) meeting; be sure to read her companion piece, “The Fed Cut Rates, But Didn’t Cut Loose” on our Weekly Investment Brief feed. Our discussion tracks how the equity and bond markets behaved leading up to, and following, the meeting, and what we might expect in the future. We also step back in time to the mid-1990s to draw parallels to two things we’re seeing today: a rate-cutting Fed amid a tech-driven bull market, and comparing Microsoft’s investment in Apple back then to Nvidia’s potential investment in Intel today.

 

Brian Pietrangelo, Managing Director of Investment Strategy

Cynthia Honcharenko, Director of Fixed Income Portfolio Management

George Mateyo, Chief Investment Officer

Rajeev Sharma, Head of Fixed Income

Stephen Hoedt, Head of Equities
 

01:51 – We report on the generally positive numbers across retail sales, industrial production, and weekly initial unemployment claims.

03:47 – Coverage of this week’s FOMC meeting, including the 25 basis point cut to the federal funds rate, the themes and opinions driving that decision, Chair Powell’s press briefing, and the likelihood of further cuts this year.

09:25 – Both the 2-year and the 10-year Treasury yields climbed steadily leading up to, and after, the FOMC meeting, signaling that buyers have not stepped in yet.

12:42 – A historical lookback at the mid-1990s, when the Fed was cutting rates amid a stock market boom fueled by the emergent tech sector, in a parallel fashion to today’s market and economic activity.

14:59 – We discuss Nvidia’s potential investment in Intel, and what this means for domestic and overseas investment and manufacturing.

 

Read: The Fed Cuts Rates, But Didn’t Cut Loose – 9/17/2025 FOMC Update

Ask: What Are Nine Things to Watch as We Begin the Ninth Month of the Year?