The Fed’s ‘dovish version of a hawkish cut’ signals shift in stock-market leadership, says Jeremy Siegel
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The Fed’s ‘dovish version of a hawkish cut’ signals shift in stock-market leadership, says Jeremy SiegelListen(3 min)Listen(3 min)The upshot of last week’s policy meeting is that the Federal Reserve will provide a healthy backdrop for the stock market as leadership rotates away from megacap tech plays, according to one veteran markets observer.Siegel, a senior economist at WisdomTree and emeritus professor of finance at Wharton assessed the ramifications of the Fed’s announcement and the press conference from Fed Chair Jerome Powell was the abrupt end of quantitative tightening and the commencement of what closely resembles quantitative easing with monthly purchases of $40 billion of Treasury bills.About the AuthorJules Rimmer is a markets reporter in London.Rimmer spent more than 30 years as a trader and stockbroker in financial markets, starting at Salomon Brothers in the Liar's Poker era, taking in ING Barings, Jefferies and ending it in emerging markets at Investec. He hung up his headset and pivoted to journalism in 2021.Copyright © 2025 MarketWatch, Inc. All rights reserved.