Equities accelerated higher last week after the US Fed left interest rates unchanged and, more importantly, they pivoted towards rate cuts in 2024—the sharp U-turn by Jerome Powell et al. changed the investment landscape moving forward from a matter of when not if the Fed would cut rates next year. The dramatic dovish change after the 3rd FOMC meeting, which left rates unchanged, saw Bank of America pencil in a 90% chance of a cut by March while the Fed members clearly expect to be active next year.