Looks like Fed doesn’t want to spend their “bullets” that fast.

Market was wrong…no straight line drops!

I suspect that’s why you get a 0% in SPY next year and it makes sense.

When economy is weak (compare COST +35% 2024 to now +6%)

and Fed pauses…WATCH OUT!

This explains GDX collapse last week as well…

Also note last week Fed Futures was wrong…it said 57% for drop and 41% for pause.

Now look…even their table about last week is indicated WRONG!