Vosh took office, and the dream of interest rate cuts may be shattered


The market had been living in the fantasy that "the Federal Reserve will cut interest rates soon." At the hearing, Vosh directly poured cold water on it: they will not cut rates just because of pressure from the White House; they will also reduce the balance sheet and change the framework.
The current mainstream expectation is now that there may be only one interest rate cut in 2026, or even none at all. This is a persistent headwind for high-valuation tech stocks. The longer interest rates stay at elevated levels, the less valuable the stories that rely on discounting future cash flows become. You’re not investing—you’re racing against the central bank’s policies.

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