Market reprices for Fed rate cuts, but has it swung too far?

Ahead of the Federal Reserve's interest rate decision, markets have adjusted expectations, anticipating fewer rate cuts. HSBC's Willem Sels suggests that a rate cut is unlikely at the conclusion of the FOMC meeting, with potential market impacts depending on the Fed's guidance. Sels also notes that strong earnings are currently driving market performance, indicating ongoing market strength despite a higher-for-longer rate scenario.