Powell: Fed isn’t “in a hurry to cut rates quickly”

Earn While You Learn! ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ [EARN WHILE YOU LEARN! JOIN OUR FREE LIVE TRADING SESSION!]( Hello investor, Powell: Fed isn’t “in a hurry to cut rates quickly” Federal Reserve Chair Jerome Powell said yesterday that the economy remains robust and the central bank will cut rates “over time.” Notably, he insisted that Fed officials aren’t “in a hurry to cut rates quickly” and will remain data dependent going forward. - “This is not a committee that feels like it’s in a hurry to cut rates quickly,” Powell said. “Ultimately we will be guided by the incoming data. And if the economy slows more than we expect, then we can cut faster. If it slows less than we expect, we can cut slower.” What about the labor market? Powell gauged the current level as solid after conditions have “clearly cooled over the past year.” In other words, Powell would like the labor market to normalize, rather than cooling further. - “We do not believe that we need to see further cooling in labor market conditions to achieve 2% inflation,” he said. Jerome Powell (Photo: Anna Moneymaker via Getty Images) Powell seemed to hint at two more 25 basis points cuts this year. The market priced in 0.75% cuts, so swaps traders pared back their rate cut bets after Powell’s comments. We will have two major labor market reports this week — the JOLTS and September’s monthly jobs report. Wall Street has zeroed in the jobs report as the biggest driving force behind the market’s direction. Traders are anxious about the rising unemployment rate since it has history of spiking once it hits an inflection point. The S&P 500 just completed its 4th straight quarter of gains. The market brushed off a weak quarter to keep rallying. Emily Bowersock Hill at Bowersock Capital Partners is bullish enough to predict that good times will continue in the final quarter of the year. - “The bull market has survived the year’s historically weakest quarter, the third quarter, and it is likely to remain intact through at least the end of the year, as earnings remain strong, interest rates are moving lower and consumers are still spending,” said Emily Bowersock Hill at Bowersock Capital Partners. - “We expect the fourth quarter to be quite similar to the third quarter - elevated volatility, but with a strong finish,” she added. At the same time, there are some risks that could shock the economy. The main risk is two current wars — Ukraine-Russia and the Middle East. A new risk is the dockworkers’ strike in critical US ports. Wall Street is not talking about it yet, and investors are unsure what the economic impact could be. Will it aggravate inflation, or will the impact be minimal? The Most Explosive Product Right Now? Today’s Stock Pick: RxSight (RXST) This is the company to watch out for. Cataract surgery is the most common surgical procedure in the world — with 20+ million surgeries performed annually. However, it is difficult for surgeries to offer a perfect 20/20 vision for every patient. Only 60% of cataract patients achieve the targeted vision, and even lower percent achieve proper vision at all distances. Enter RxSight. It offer FDA-approved Light Adjustable Lens system which is the world’s first and only commercially available intraocular lens (IOL) technology. In short… It allows surgeons to customize and optimize visual acuity for every unique eye after cataract surgery. So, if it doesn’t achieve a perfect vision, RxSight’s LAL makes it possible for then to adjust to the perfect vision. (Source: RxSight) The technology was designed by a Nobel Prize winning scientist that changes the shape and power of the lens that controls ultraviolet (UV) light exposure. (Source: RxSight) The difference between RxSight LAL and the standard surgery is enormous. Only 36% of the control group achieved a 20/20 or better vision (using older technologies) while RxSight LAL achieved 70.1% — two times more. (Source: RxSight) So, it is almost no brainer to go with RxSight’s technology. As a result, its LAL units exploded since the first quarter of 2020. It went from just 719 to 24,214 in only 17 quarters! (Source: RxSight) Naturally, its revenue grew rapidly with the 82% growth rate in the recent year: (Source: RxSight) Moreover, you can see revenue growth rate staying consistently above 40% in the last few quarters: (Source: MacroTrends) Bottom line: RxSight offers a rare opportunity to invest in an emerging technology at its early stage. The company is the only player in this exploding space, and it is sure to watch its revenue growing over the next few quarters. [EARN WHILE YOU LEARN! 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